In November 2011 Moody’s ratings agency downgraded five of Egypt’s largest banks, attributing its decision to concerns surrounding their exposure to sovereign debt and the ability of the transitional government to support the banking system in the event of a significant deterioration of their position. The development came as a reminder that,...
Much has been made of the government’s reliance on the domestic banking sector to fund its fiscal obligations in the wake of the 2011 uprising. The stream of high-yield T-bills has proved such an effortless and lucrative line of business to the nation’s lenders that the private sector – with the exception of the blue chips – has been crowded out of...
The capital markets, like the wider economy, have been subject to the effects of the historic political events that unfolded in Egypt during 2011. Uncertainty has bred volatility: a rapid decline in value over 2011 was followed by a record recovery in the first quarter of 2012. However, with parliamentary elections successfully concluded and signs...
THE COMPANY: TMG Holding, with its 50m-sq-metre land bank, is among the largest and most diversified real estate developers in Egypt and caters to the middle- to upper-middle-income classes. The development schedule of its land bank extends beyond 2020, driven mainly by its flagship project Madinaty,...
THE COMPANY: Telecom Egypt (TE) is Egypt’s incumbent telecommunications operator, controlling the country’s only fixed-line network, with 8m subscribers as of the end of 2011. It participates in the mobile sector by providing interconnectivity to operators via its infrastructure and through a 44.95% stake...
THE COMPANY: SODIC operates as a master developer of residential properties, as well as commercial and retail projects, targeting the upper-middle to high-end segments. It has a 6m-sq-metre land bank in Egypt, distributed over eastern Cairo (Eastown), western Cairo (Westown), and the Alexandria Desert...
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