Investment bank Morgan Stanley said on Wednesday it plans to open an office in the Egyptian capital Cairo after it obtains regulatory approvals.
As we continue to grow our business in the Middle East and North Africa, Egypt is an increasingly important market for Morgan Stanley, Georges Makhoul, president for the Middle East and North Africa region, said in the statement.
While we have advised the Egyptian government and private corporations for many years, we believe that this is the right time for us to establish a Morgan Stanley presence in the country, he said.
The firm said in a statement it has appointed Amr Diab as executive director and country representative, with responsibility for Morgan Stanley s client coverage and business development activities in Egypt.
With the positive developments in the Egyptian economy there is an increasing demand from clients in Egypt for investment banking and capital markets solutions, said Diab.
Diab, a hedge fund manager, worked at Morgan Stanley from 1993 to 2000, it said. The office would be the firm s first in North Africa.
Morgan Stanley has been active in the Middle East and North Africa region since the 1970s, providing a variety of investment banking, asset management and wealth management services.
