Egypt: Ever Art crosses Suez Canal on its first voyage    IFC loans Egypt's El Sewedy $150 million for more access to renewable energy in Africa    Gold prices in Egypt on June 29    Saudi citizens could enter Schengen countries visa-free    Egypt's Petrojet returns to Libyan oil sector after 11 years    Cemex, VeryNile sign deal for Egypt's Nile River    NATO remarks Egypt's role in maintaining stability in Middle East and Africa    Congo needs Egypt's expertise to diversify its economy – FPI official    Dostarlimab drug cures rectal cancer patient 100%, trials show    Egypt: A royal train turns into a new tourism attraction    Conclusions and Recommendations of the 1st edition of Africa Health ExCon    For the first time John Legend to perform in Egypt    Egypt discovers newly treasure trove of ancient artifacts at Saqqara Necropolis    Noura Al-Mutair – first Gulf female boxer in World Championships    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Egypt to play key role in integrating water, climate issues globally – World Bank official    Egypt's telecoms regulator announces working hours for holy month of Ramadan    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    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.