Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Mashreq eyes N. Africa trade flows with UAE
Published in Daily News Egypt on 05 - 08 - 2010

DUBAI: Dubai's Mashreq, the bank owned by the billionaire Al Ghurair family, is pursuing growth in North Africa hoping to tap the business flow between that region and the United Arab Emirates, an executive said.
The lender is betting on Egypt and Libya, where it is still in the race to obtain a banking license, to find new revenue sources beyond the UAE and Gulf region, John Iossifidis, Mashreq's head of international banking, told Reuters in an interview.
"Our strategy is built around linking the geographies in which we operate in, our UAE home base, a strong GCC presence with Egypt and Libya also being compelling, the latter is more a long-term opportunity," Iossifidis said.
"Egypt, the links the country has with the GCC are phenomenal, there are links in terms of trade and investment flows, as well as migration and labor flow. The other thing is that 2 million Egyptians are living and working in the Middle East," he said.
"There's a natural flow in trying to capture some of that business," Iossifidis said.
Food and cotton from Egypt flow to the UAE, one of its biggest trade partners.
In Libya, Mashreq is one of six banks shortlisted for one of two new joint-venture banking licenses.
HSBC, Standard Chartered, UniCredit, Emirates NBD and Qatar Islamic Bank are also on the list.
"We've been informed by the Central Bank of Libya there will be a decision by the end of the summer," said Iossifidis. "As their economy further integrates, you will see benefits on the ground."
Libya, which holds Africa's largest oil reserves, in recent years has been opening up its banking sector to foreign investors as part of an economic reform program.
Early entrants were France's BNP Paribas and Jordan-based Arab Bank which bought stakes in local banks.
The license would allow two foreign banks to own 49 percent of the new lenders with Libyan investors holding the rest.
"The way it works is to increase the capital to $250 million over a five-year period," said Iossifidis, who in his spare time is an avid race car driver and participated in the UAE touring car championship.
Mashreq is 80 percent owned by members of the rich and influential Al Ghurair family.
Chief Executive Abdul Aziz Abdulla Al Ghurair, who himself has a 12-percent stake, is also speaker of the house at the UAE parliament.
Mashreq's second-quarter net profit more than halved as it took provisions against bad loans.
It was also hurt by its exposure to two large Saudi Arabian defaults and the downturn of the UAE real estate market and indebted Dubai World's restructuring.
"We can now see light at the end of the tunnel," Iossifidis said.
He said the bank was conservatively managing its balance sheet and costs and might see some small loan growth.
"We will also see that the digestion of problems of the past having been dealt with by the end of the year."


Clic here to read the story from its source.