SHARM EL-SHEIKH: A record number of international investors and regional companies are participating in EFG-Hermes sixth annual One-on-One Conference in Sharm El-Sheikh, the investment banking firm said in a statement.
The conference runs from March 9-13, bringing together representatives from about 60 companies with a total market capitalization of more than $345 billion. Participating companies will get to meet and discuss investment opportunities with global investors.
Major corporations from Bahrain, Egypt, Jordan, Saudi Arabia, Kuwait, Lebanon, Oman, Qatar, Palestine and the United Arab Emirate aim to attract foreign direct investment (FDI).
They are expected to benefit from the fact that the economies of the US and Europe have been hurt by the sub-prime crisis and the subsequent credit crunch, whereas the outlook for emerging economies looks strong and is resulting in increased international interest in emerging market equities, the statement read. This interest extends to the Middle East and North Africa, where levels of foreign portfolio and direct investment, mergers and acquisitions as well as IPOs are at record highs.
In contrast to what is happening in Western economies, where the economies are slowing down, the outlook for the MENA region continues to be very positive; with the region forecast to see incredibly high rates of economic growth over the next few years, says Yasser El-Mallawany, chairman and CEO of EFG-Hermes.
“This conference serves as a one-stop-shop for investors looking to make a mark on the MENA region. Thus, it aims to benefit not only the regional players looking for global investment, but also major international corporations looking for a foothold in the region, he added.
Regional companies attending the conference represent sectors including banking, telecoms, real estate, tourism and textiles, among others.
Keynote speakers from Egypt include Minister of Investment Mahmoud Moheieldin, Minister of Finance Youssef Boutros Ghali and the National Democratic Party’s Assistant Secretary General and Head of Policies Secretariat Gamal Mubarak.
This year s conference has attracted more than double the number of attendees of last year. Over 140 foreign investors from the United States and Europe had one-to-one access to about 150 corporate executives and decision makers from leading regional companies, says Sherif Cararah, managing director brokerage and distribution at EFG-Hermes.
I am glad to say that due to the enormous number of investors of this year s conference, we organized group sessions for the participants. Moreover, the core days of the conference have been extended from three to four days, Cararah added.
Foreign investment is a crucial component of Middle Eastern economies.
Through our presence across the region, we have had a first-hand look at what countries can offer, and are now giving those countries and corporations within them access to global investors in one centralized location, says Hassan Heikal, co-chairman and CEO of EFG-Hermes.
