Bankers: The presence of UAE and international banks in Egypt is evidence of the strength of its economy

– Chairman of the Egyptian Banks Union: $28 billion cumulative investments for the UAE in Egypt
– All banks have finished their carbon footprint in line with facing climate change
– $7.5 billion, the volume of bilateral trade between the two countries in 2021, an increase of 7%
– 5 Emirati banks in Egypt.. 400 billion pounds, the size of their assets.. It represents 4% of the size of the Egyptian banking sector
– Hisham Abdullah Al-Qasim: Egypt is a distinguished economic base… and the presence of many international banks in it indicates the strength of its economy
Vice President of Emirates NBD Bank: The first regional headquarters of the bank was in Egypt

Today, the session “Sustainability in the Banking Sector.. Emirati-Egyptian Experiences” was held as part of the celebration of the 50th anniversary of the inauguration of Egyptian-Emirati relations. The session was attended by Mohamed El-Etreby, President of the Union of Egyptian Banks, and Yehia Aboul Fotouh, Vice Chairman of the Board of Directors of the National Bank of Egypt. On the Emirati side, Hisham Abdullah Al Qassim, Vice Chairman and Managing Director of the Emirates NBD Group, and moderated by the Emirati media, Faisal bin Huraiz.

In his speech at the session, Mohamed El-Etreby, President of the Egyptian Banks Union and President of Banque Misr said: “There are 28 billion dollars in cumulative investments for the UAE in Egypt, and the bilateral trade between the two countries reached 7.5 billion dollars last year, an increase of 7%, and at the beginning of this year it increased by 11%. These numbers and percentages are in contrast to the oil trade.”

El-Etreby pointed out that “there are 5 Emirati banks in Egypt, with assets of about 400 billion pounds, representing 4% of the size of the Egyptian banking sector, and that the Emirati companies operating in Egypt number about 1,300, and Banque Misr and Al-Ahly Bank have a very large share of these.” companies, with the United Arab Emirates».

The head of the Federation of Egyptian Banks added: “The average business of the banking sector in relation to loans and deposits reached 42% in 2014, and now it has reached 48%. With these percentages, we have opportunities to finance small, medium and micro enterprises,” pointing out: “Availability of about 400 million pounds.” In 2014 to finance small, medium and micro enterprises, they are now 56 billion pounds.

El-Etreby pointed out that “153,000 beneficiaries have benefited from Banque Misr in the financing sector of small, medium and micro enterprises, and with the entry of an Emirati competitor into the banking sector, it increases competition to serve customers.” In line with facing climate changes, in 38 banks across the Arab Republic of Egypt.

He added, “One of the evidence of the strength of Egyptian banks is the increase in the interest rate on capital from 13.9% in 2014, to 20.9% now, and these numbers are for any competitor who wants to participate in the Egyptian banking sector,” noting that “the experience of Egyptian banks in the UAE, and Emirati banks in Egypt, successful experiences in both countries and for both countries.

For his part, Yehia Aboul Fotouh, Vice Chairman of the Board of Directors of the National Bank of Egypt, confirmed: “The success of the Emirati banks’ experience in Egypt and the achievement of very good profits, which indicates the great diversity of the banking sector in Egypt.” Aboul Fotouh continued: “Although the National Bank has acquired about 38% of the sector in Egypt, it is being dealt with in a way that is based on cooperation with all banks in the banking sector,” pointing to “the possibility of benefiting from the Emirati expertise in Egypt, as well as the Egyptian cadres in the field.” UAE”.

He explained: “Cooperation with Emirati banks in financing various huge projects in the fields of industry, agriculture and manufacturing, is in the development of Upper Egypt in Egypt, and the results of this was the establishment of the largest sugar factory in the world at a cost of 1.3 billion dollars, which works to reduce imports from abroad, It is the biggest evidence of the success of the relationship in the banking sector in the two countries.”

The Vice Chairman of the Board of Directors of the National Bank of Egypt said: “We have developed almost all the elements of the bank’s strategy to achieve sustainability, by reducing energy use, expanding the use of solar energy, providing water uses, directing funds to projects that have elements of sustainability, as well as issuing an annual report. In an integrated manner for all the bank’s contributions at the financing level.

He stressed “the need for all banks operating in Egypt to put sustainability at the basis of their thinking and strategy, because it has become a way of life, so there is no room for projects that pollute the environment.” The opportunities available after that will be for everyone.”

For his part, Hisham Abdullah Al Qassim, Vice Chairman and Managing Director of Emirates NBD Group, confirmed that the UAE experience in Egyptian banks has achieved great success, saying: “The Arab Republic of Egypt is our country, and the volume of trade exchange between the two countries is very large, and Egypt is a strategic trade partner. And we were keen to inject investments that made it reach nearly $7.5 billion.” Al-Qassem added, “Egypt is a distinguished economic base for the United Arab Emirates, and the presence of many international banks in it indicates a good and solid economy.”

Hisham Abdullah Al-Qasim explained: “The trade corridor in our region starts from China to Indonesia, Saudi Arabia, Bahrain, Egypt and Turkey. This trade corridor was important for us, as the bank’s board of directors was keen to develop a plan to become a pivotal regional bank in the Middle East.” He stressed, “The bank’s first regional headquarters was in Egypt, and after that we acquired a French bank, with a net profit of $133 million.”

He added: “The bank’s priorities for determining the formula for success in Egypt are based on its attractive and encouraging economy. Without this economy, we would not have achieved success, and with the increase in the volume of trade exchange, the number of Emirati banks in Egypt reached 5 distinguished banks.”

He pointed out that “Emirati banks in Egypt are part of the economy, and one of their most important roles is to participate in supporting the Egyptian economy and market,” adding that “Emirates NBD has participated in all sectors, and introduced new electronic tools to the Egyptian market, to compete with existing devices in the market.” And we participated in the sectors of major companies and facilities for the government to support infrastructure.”

Al-Qasim explained: “The banking sector faces many challenges during the coming period worldwide, and digital transformation is the biggest of these challenges, and if the banks do not transform themselves, they will lose a large digital space, shopping sites and communication programs a large part of their operations depends on the banking work.” “The bank has been certified as the best digital bank in the Middle East for 8 years, and we hope that all banks will reach this digital transformation,” he added, “The bank’s commercial corridor has been completed, it has a distinguished banking base, and Egypt is a strategic partner for us.”

The organization of the “Egypt and the UAE .. One Heart” celebration, which was launched this morning, aims to strengthen the strong ties and relations between the two countries, which spanned for more than five decades, as well as forging a more cooperative and accomplished future between the two countries in various vital fields and sectors.

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