13/02/2018 10:49 AST
SHUAA Capital, the United Arab Emirates-based premier financial services group, today held a press conference in Cairo to officiate the opening of its securities brokerage arm, SHUAA Securities-Egypt. Held under the patronage of Her Excellency Dr. Sahar Nasr, Egypt’s Minister of Investment and International Cooperation, the event was attended by representatives from both the Egyptian and international banking and finance industry, including H.E. Mr. Mohammad Fareed, Chairman of the Egypt Exchange, and H.E. Juma Mubarak Al Junaibi, UAE Ambassador to the Arab Republic of Egypt and Permanent Representative to the League of Arab States.
Welcoming SHUAA to the Egyptian market, H.E. Dr. Nasr, said: “Egypt has been progressively moving towards implementing meaningful economic and financial changes, in an effort to further grow its GDP. Accordingly, we are witnessing increased interest from international and regional companies as they explore new business opportunities in the country. We welcome SHUAA and are confident that its presence will bring added value to our economy and further enhance Egypt’s robust capital markets platform”.
Jassim Alseddiqi, Chairman of SHUAA Capital, commented: “The inauguration of our offices in Cairo marks a significant milestone for SHUAA, with Egypt representing a key geography. With its position as a gateway to North Africa, Egypt is very much part of our long-term strategic growth plans. From our operations and affiliations in the United Arab Emirates, to our growing presence in Saudi Arabia, and now through SHUAA SecuritiesEgypt, we have strengthened our competitive edge for the benefit of our clients across the Middle East and North Africa region and beyond. I would like to take this opportunity to thank the Egyptian Government and market regulators for their admission of SHUAA into the Egyptian market.”
Fawad Tariq-Khan, Chief Executive Officer of SHUAA Capital, said: “Building on our capital markets’ track record, we will prudently look to grow SHUAA’s presence in Cairo and aim to launch additional financial products and services beyond our trading platform over the long-term. Egypt is witnessing unprecedented reform and progress, and we will continue to work hard to capitalize on the country’s growing economy and positive outlook”.
Sherif Talaat, Managing Director of SHUAA Securities – Egypt, said “I am pleased to announce that SHUAA Securities-Egypt which began successful execution of transactions in November 2017, now includes over 60 employees. We have ambitious plans to help grow SHUAA’s platforms further allowing clients both current and prospective, direct access to other markets through a single trading account”.
The official launch of the SHUAA Capital’s activities in Egypt coincided with its recent 2017 earnings announcement, whereby it reported AED 74 million in profits.
SHUAA Securities-Egypt is based in 143 Banks Zone, Fifth Settlement in New Cairo.
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