Senate slam dunk    Going for gold    Newsreel    Two explosions hit Beirut    Is a peace plan for Libya possible?    A ‘decent and fair' world champion    Sharing the spotlight    Don't miss the concerts of Boghdady Jazz Big band    My visual diary    The ambassadors of Cleopatra    Bundesliga ready for return of fans if authorities approve    Egypt's 2020 Thanaweya Amma exams results announced    Asia stocks mostly rise, Hong Kong jumps 2%    Emirates to restart iconic A380 services to Cairo with four weekly flights from Dubai    Egypt's food exports increase 2.2% to record $1.8bn in H1-20    Egypt's mortgage finance activity finance declines 84.2 % in April    New Dutch coronavirus cases spike in past week: Health authorities    Leather products sales in Egypt see 25% increase during Eid al-Adha    African Champions League final will be played on Oct. 16-17, CAF says    Egypt's single-day new Covid-19 cases count continues to drop    Latin America exceeds 5 million COVID-19 cases, Reuters tally shows    Chief of staff to Brazil's Bolsonaro tests positive for COVID-19    Heavy rains hit eastern China from weakening tropical storm    Egypt says Turkish survey in Mediterranean a violation of sovereign rights    Kuwait to review suspension of flights from Egypt – ministry    Egypt's Sisi congratulates UAE on its first Arab nuclear power plant    Egypt invites Tesla's founder to visit Giza Pyramids after controversial tweets    Sisi: Egypt favours negotiations over a military solution to resolve Nile dam crisis: Al-Sisi    Egypt rejects unilateralism compromising right to Nile water, Sisi tells South African counterpart    No room to delay Egyptian Premier League games – EFA's board member    Egypt's National Elections Authority released on Friday a tutorial video for Egyptians for how to vote in the upcoming senate elections due to coronavirus pandemic    Egypt's President Sisi ratifies extending state of emergency for 3 months    Egypt Cup games to resume after Premier League finishes: EFA    The Facebook Preacher's Search for Fame, and Egypt's Economy    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Hyksos campaigns were internal takeover, not foreign invaders: study    Reports over Ethiopia filling mega-dam    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Google ‘translate' ancient Egyptian hieroglyphs    Zaha speaks out after online racial abuse    Farwell to 74-year old Egyptian military production minister El-Assar    







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





SHUAA Capital initiates Egypt operations as it targets regional growth
Company mulls expansion in Egyptian market to boost profitability
Published in Daily News Egypt on 12 - 02 - 2018

SHUAA Capital, the UAE-based integrated financial services firm, launched on Monday its operation in the Egyptian market amid a heavy presence from Egypt's top officials including Minister of Investment and International Cooperation Sahar Naser and Egyptian Exchange Chairperson Mohamed Farid.
SHUAA has officially commenced operations in the Egyptian market, after being given the green light by the Egyptian Financial Regulatory Authority (FRA).
With an initial and dedicated 40-person strong task force, SHUAA Securities Egypt has been successfully executing its first transactions since being granted approval on 11 November 2017.
SHUAA Capital had earlier confirmed a regional growth and development strategy via both organic and inorganic prospects, and the launch of SHUAA Securities Egypt is testament to the group's turnaround roadmap. This official presence out of Cairo is a natural extension to SHUAA's broader brokerage network, allowing retail and high net worth clients from across the region easier access to Egyptian capital markets.
Jassim Alseddiqi, chairperson of SHUAA Capital, said: "SHUAA Securities Egypt is an important component of our work to offer clients access to the region's key capital markets. Due to the country's strong economic fundamentals and depth of available opportunities, we have received strong interest in the Egyptian market from clients in 2017. SHUAA Securities Egypt will enable us to meet this demand and help us to deliver another significant element of the group's long-term growth strategy. We thank Egyptian authorities and regulators for their support and guidance throughout the process."
Securities brokerage is a vital business line for SHUAA's overall Capital Markets service offerings. Through a strategic move, the group had recently entered into an agreement to acquire Integrated Securities, the leading UAE-based brokerage firm, thus boosting SHUAA's regional client base, and allowing it to benefit from synergies and better streamlining of operations. Today, the re-engaging of the Egypt market by a much stronger SHUAA Securities is expected to pave the way for further expansion by the group's other business lines on the North African platform over the medium term.
The company reported last week its full year results for 2017, with the company achieving its highest sustained full year earnings since 2007. In what has been widely viewed since the first quarter as a clear model of a turnaround story, the Middle East and North Africa's most recognised financial brand, SHUAA, reported AED 74m in profits for 2017 (2016 recorded AED 132.5m losses), a 156% upward movement.
Fourth quarter results saw a notable emergence from a loss of AED 18.9m in the fourth quarter (Q4) of 2016, rising to a profit of AED 14.2m for Q4 2017. Revenues for the last quarter of 2017 were AED 42.8m, a 22% increase from Q4 2016 revenues of AED 35.1m. In the midst of a challenging year for regional markets, and under the guidance of a strategy built on strong fundamentals, all of SHUAA's five business lines attained optimal performance levels and maintained healthy revenue streams.


Clic here to read the story from its source.