National Bank of Egypt plans to open branch in UAE

National Bank of Egypt plans to open a branch in the UAE, according to its chairman.

On a two-day visit to the Emirates, Dr Tariq Amer held talks with Sheikha Lubna Al Qasimi, Minister of Foreign Trade; Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Higher Education; and Mohamed Alabbar, Emaar Chairman; in addition to several major investors.

Sheikha Lubna promised to take up the request of opening a branch of the National Bank of Egypt in the country with Sultan Nasser Al Suwaidi, Governor of the UAE Central Bank, especially since there are four banks operating in Egypt - National Bank of Abu Dhabi, Union National bank, Al Mashreq and the Dubai Islamic Bank, said Dr Amer.

He stressed upon the strength of Egypt's banking sector in accordance with international certificates. "Banks there are financing infrastructure projects such as huge power and oil and gas projects." He said: "The best proof for the sector's vitality is the international bonds last issued by the National Bank for 158 international investor with an investment of $2bn."

He added National Bank of Egypt participated directly in oil projects before the revolution worth $1bn and international banks participated in with a similar amount.

National Bank of Egypt manages the fund for one-third of the Egyptian people, estimated at (Egyptian) £300bn and employs 16,000 employees.

Dr Amer stressed the quality of the solvency of Egyptian banks, and said it was working better than the requirements and instructions of the Central Bank.

Amer spoke of its estimated cash reserve at $33bn, the safety factor and the confidence of the Egyptian economy among investors and the Arab Gulf.

He said the leadership in the UAE is very keen on supporting the Egyptian leadership and learn more about the political, economic and social development in Egypt.

He said that there are joint plans to attract more UAE investments in light of changing of the political circumstances in Egypt, and assume a new transitional government.

Dr Amer said Egypt offers promising investment opportunities and Egyptian banks provides advice and scientific expertise free to any UAE investment.

The National Bank of Egypt has established an investment company of Egyption £5bn, which is currently executing, agricultural, industrial and sea ports and power stations projects. The bank also invests in projects such as construction of highways worth £10bn.

Dr Amer urged UAE investors to enter into partnerships with any of the numerous remarkable projects in Egypt.

Also discussed with Mohammed Alabbar the possibility of pumping more than real estate investments in Egypt, especially since the Egyptian real estate market has a wealth of up to £20bn.
 

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