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Mr. El-Quqa said
"Global's presence in Egypt is significant to the company's history and is an important addition to Global's presence in the region; Global will provide added value to the Egyptian capital market and economy. We will provide the investment community in Egypt with products and services that will exceed their expectations".
Global's focus on the Egyptian market
El-Quqa added "Global aims to play a major role in the Egyptian capital market by introducing value added investment products and services, a role the company believes to undertake in all the markets and countries in which it operates".
It would also aim to further integrate the Egyptian capital market with others in MENA and GCC in particular. Global currently operates in 16 countries including Kuwait, Bahrain, UAE, Qatar, Oman, Saudi Arabia, Jordan, Tunisia, Sudan, Yemen, Iran, Turkey, India, Pakistan, Hong Kong, and now Egypt.
El-Quqa spoke of the company's history, as it is currently preparing for its ten year anniversary in the coming months.
He said "Since its founding in 1998, Global has grown rapidly to become one of the leading asset management and investment banking companies in the GCC and the wider MENA regions. It has an integrated business offering that comprises five pillars, Asset Management, Principal Investments and Treasury, Investment Banking, Real Estate and Brokerage, which together allow it to provide a comprehensive range of products to its clients".
Global has one of the largest asset management businesses in the region by reference to assets under management which stands at $9.3bn.
Global also has one of the largest principal investment and proprietary trading operations in the region by asset size.
As an investment bank, Global is a leading manager of private placements and public offerings and acts as a strategic advisor to corporations, governments, institutions and individuals in the GCC region.
Global has access to a client base of approximately 6,500 individuals and institutions.
In recognition of its performance and reputation in the region, Global has won numerous local and international awards, such as Best Investment Bank in Kuwait" in 2007 awarded by Euromoney, "Best Equity House in Kuwait" in 2006 and 2005 awarded by Euromoney and "Deal of the Year Award" in 2006 awarded by The Banker magazine.
Mr. El-Quqa added that the company has launched the Global Egypt Fund early this year to capitalize on the various investment opportunities in the Egyptian capital market, investing primarily in listed equities, initial public offerings, pre-initial public offerings, and private placements.
In addition, the company has also published a report on the Egyptian economy in February 2008.
On the other hand, Mr. Al-Alayli said "Foreign investment into Egypt is growing at a rapid pace.
The total FDI more than doubled from $4.1bn in 2004/05 to $9.1bn in 2005/06 and it further increased by 44% in 2006/07 to reach $13.1bn.
Egypt has become an attractive FDI destination due to its strong growth prospects, privatization and economic reform.
The Egyptian government remains committed to improving the investment climate.
On the other hand, The Ques Protocol, also known as the Protocol for Industrial Areas, in addition to the agreement of exempting Egyptian products from taxes in the EU market will make Egypt an attractive FDI destination.
In 2004/05, foreign cash reserves increased in a stable manner due to trust in the Egyptian Pound.
According to the Central Bank of Egypt, the net of foreign cash reserves totaled $28.6m at the end of 2007, with a 24.6% increase from the previous year.
Posted by Eman Hassan
