Key points from panel discussion:
The discussion focused on two key areas: how to attract foreign investment/currency, the risks & opportunities involved, and how the domestic market can gain access to this capital. It was largely agreed that execution and access to capital were key for development.
Interview with Mr. Sherif Samy, Chairman of the EFSA (Egyptian Financial Supervisory Authority)
Interviewed by Mr. Chavan Bhogaita, Managing Director & Global Head of Market Insights & Strategy
Key points from Interview:
Please click on any of the above to see the full bio for the relevant participant.
Basil El-Baz is an Egyptian industrialist, entrepreneur and business executive serving as Chairman and Chief Executive Officer of Carbon Holdings, a downstream oil and gas development company.
While studying government and economics at Harvard University, El-Baz developed the concept for building an ammonia plant in Egypt, which ultimately became Egyptian Basic Industries Company (EBIC). He submitted a feasibility study on this concept and was awarded a grant by the United States Trade and Development Agency to conduct further studies.
El-Baz has developed and financed two major industrial greenfield projects in Egypt, Egypt Basic Industries Corporation (EBIC) and Egypt Hydrocarbon Corporation (EHC). EBIC represents and still is the only project to receive a comprehensive loan guarantee from the Export – Import Bank of the United States. Furthermore, EBIC is one of a select number of projects in Egypt to be financed entirely by consortium of international banks. The project had an approximate value of US$650 million at closing. EBIC proved to be successful and today is the 6th largest global exporter of ammonia. EBIC was eventually sold to Orascom Construction Industries.
Carbon Holdings’ second project, Egypt Hydrocarbon Corporation (EHC), with a transaction value of approximately US$550 million is considered as the first major industrial project to close in post-revolution Egypt. Construction of the second project commenced in August 2011 with commercial operation scheduled to commence during the fourth quarter of 2014. In December 2012, Carbon Holdings concluded its US$114 million acquisition of the Egyptian polypropylene producer, Oriental Petrochemicals Company (OPC) and is intending to commence commercial operations in the fourth quarter of 2014.
Carbon Holdings is developing a US$6.75 billion Naphtha Cracker and Polyethylene Complex project named Tahrir Petrochemicals. It is anticipated that the project will be financed entirely by the Export – Import Bank of the United States, the Export – Import Bank of Korea, the Korea Trade Insurance Corporation and SACE, the export credit agency of Italy.
Mr. Hisham El-Khazindar is the Co-Founder and Managing Director of Qalaa Holdings, a leading investment company in Africa and the Middle East. Established in 2004, Qalaa Holdings (formerly known as Citadel Capital) is an African leader in infrastructure and investment focused on energy, cement, agrifoods, transportation & logistics and mining.
Prior to co-founding Qalaa Holdings, Mr. El-Khazindar was the Executive Director of Investment Banking at EFG Hermes where he advised on landmark transactions including IPOs, private placements and M&A transactions in the region, and where he started his career in 1996. During 1999-2000, he was on secondment to Goldman Sachs in London where he advised European companies and institutions on investment strategies and M&A transactions.
Mr. El-Khazindar serves on the boards of several leading regional companies including El Sewedy Electric and Magrabi Optics, and on the Advisory Committee of the Emerging Markets Private Equity Association. He also serves as a Trustee of the American University in Cairo, as a Trustee of the Cairo Children’s Cancer Hospital (57357), and as a Fellow of the Aspen Institute’s Middle East Leadership Initiative. In 2013 Mr. El-Khazindar was selected as a Young Global Leader by the World Economic Forum, and in 2014 he was chosen among the top 100 Young African Leaders by the Paris-based Think Tank, Institut Choiseul, for its prestigious annual listing of young Africans who will play a major role in the future development of the continent.
He holds a BA in Economics from the American University in Cairo (1996) and an MBA from Harvard Business School (2003).
Ahmed Badreldin is responsible for and oversees The Abraaj Group’s investments in the Middle East and North Africa.
He joined the Abraaj Group in 2008 after eight years at Barclays Capital in London.
Mr Badreldin graduated in Mechanical Engineering and Business Administration from the American University in Cairo and holds an MBA from Cranfield School of Management in the UK.
He serves as Director of Integrated Diagnostics Holdings, Spinneys, Stanford Marine Group, Viking and Saham Finance, and is a Board member of Endeavor Egypt.
Mr. Mehanna is responsible for the corporate finance, equity capital markets, project finance, debt advisory, securities and funds administration platforms at NBAD.
Mr. Mehanna has extensive years of international banking experience gained from serving in several financial institutions in UAE, Saudi Arabia, UK and France.
He joined NBAD in early 2015 from Saudi British Bank (SABB) where he served as chief strategy officer. Prior to this, he served HSBC Group as managing director and head of investment banking advisory for MENA and director of mergers and acquisitions in London. In addition, he worked in Bank of America, Close Brothers and PwC in London and Paris.
Mr. Mehanna is a member of the Institute of Chartered Accountants in England and Wales (ICAEW). He holds a Bachelor’s degree in Econometrics and Mathematical Economics from London School of Economics.
Chairman of the Egyptian Financial Supervisory Authority (EFSA), the country’s regulator of all non banking financial services: capital market, insurance, private pension funds, leasing, mortgage, factoring and microfinance. He is also Chairman of the Financial Services Institute and member of the board of the Central Bank of Egypt, the Investment Authority and the country’s National Anti Money Laundry Unit. He was recently elected to the board of directors of the International Organization of Securities Commissions (IOSCO).
Sherif is an experienced senior executive in the areas of investment, capital markets and management. He was previously managing director of Banque Misr’s investment arm “Misr Capital” which managed a private equity portfolio of nearly USD 2 billion in addition to managing two large mutual funds. He served as board member of Banque Du Caire, the SME Development Fund in addition to numerous listed and privately held companies operating in the capital market, textile, urban development, engineering, education, logistics and mining sectors.
Former host of CNBC’s Access: Middle East and Access: Africa programmes. Yousef has reported on major events throughout the Arab World for CNBC's signature programs, from Squawk Box to Closing Bell. For two years, he co-anchored Capital Connection, a daily show serving as the bridge between markets in Asia, Europe and the US. Prior to joining CNBC in early 2010, Yousef was an anchor for Egyptian Television. When not on-air, Yousef often moderates at conferences and private sessions, including events such as The World Economic Forum.