SanPaoloIMI Bank recently won Egypt’s biggest auction of state assets and giving birth to the largest private banking group in Egypt. This deal has now pushed FDI to its highest that Egypt has seen in many years and makes it the second “mega” deal that Egypt has seen this year.
Many see this deal as part of SanPaolo’s strategy to expand into fast growing markets such as North Africa and Central Europe. Egypt is the fourth-largest economy in the Arab world but only around 10 percent of its 73 million inhabitants have bank accounts.
In light of the recent announcement that the telecoms company will very likely only see a return on their investment in 2016, many are wondering just what it is that is attracting such big investments and more importantly will they keep coming? But to many within government circles it is confirmation that there is a very high interest level in Egypt from foreign investors citing privatization as a main factor in encouraging investment into this and other sectors making them more competitive.
Speaking to Mr. Dan Morrissy, Managing Director of IEP he said that “IEP were delighted to have confirmed one of the counties biggest investors attending and participating at this year’s event. I’m sure that there are people that will have one or two questions for SanPaoloIMI”
With over 430 International and Local delegates representing 26 countries, already registered for this year Egypt Invest is again set to be the leading investment conference for Egypt.
Sunday, October 29- 2006 @ 8:05 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.