Dubai’s Shuaa eyes Egypt expansion as economy recovers
Shuaa Capital has announced plans to expand its capital markets business in the Middle East following a return to profit.
The UAE-based Shuaa is assessing Egypt’s financial services industry. Shuaa, whose brokerage is ranked 18th in Egypt by market share, has applied for investment banking and asset management licenses, Shuaa chairman Jassim Alseddiqi said.
Speaking in Cairo this week, Shuaa CEO Fawad Tariq Khan said: “Now is the time to invest in Egypt,” “Valuations are right, the opportunities are interesting and macro-economic opportunities are right.”
Shuaa is among a number of foreign companies seeing opportunities in Egypt as the government seeks to overhaul the economy to attract investments and create jobs, helped by a $12 billion International Monetary Fund program.
The Egyptian government took steps to remove currency restrictions and cut subsidies at the end of 2016 and has had some success attracting FDI over the course of 2017. Egypt’s EGX 30 index has also surged by 70% since the currency floatation.