Beltone Financial Holding (BTFH) Chairman Dr. Sameh al-Tarjman said that Gulf investors intend to surge new investments in the Egyptian market through the company’s issues of up to EGP10 billion (around USD56.5 million) during the remaining period of the current and next year, not to mention direct investments and acquisitions.
Tarjman pointed out to Asharq Al-Awsat, on the sidelines of Euromoney in Cairo, that investors from the Gulf have shown great interest in the upcoming issues, not to mention acquisition deals that are being considered by the company.
“The Arab region is essential to us since it represents investment opportunities in various sectors… Gulf investors are allocating huge parts of their financial portfolios for the real estate, logistic sector and direct investment,” he added.
BTFH Chairman stated that “We are now considering some deals but case by case. We also have connections and great cooperation with Gulf institutions.” Yet he refused to disclose details about the deals. The two-day Euromoney conference discussed on Monday growth opportunities and domestic currency as investment instruments.
Foreigners invested a total of $17.6 billion in Egyptian debt instruments between the pound float in November and mid-September, Deputy Finance Minister Ahmed Kojak told Reuters earlier on Monday.
Mohammed Farid, head of the Egyptian Stock Exchange, held the inaugural meeting in the conference and lauded the radical reforms in the Egyptian economy, adding that they were the reason behind the surge of investments.
Farid added that the enhanced investments of foreign institutions is obvious via the gradual increase of trading value in the market. Further, purchases of non-Egyptians reached EGP7 billion since the beginning of 2017.