Dubai’s Shuaa Capital plans expansion in Egypt

Dubai-listed Shuaa Capital is studying acquisitions opportunities in Egypt’s financial services industry as the investment firm seeks to become one of the country’s five largest brokerages, Bloomberg reported.

Shuaa has applied for investment banking and asset management licenses in Egypt, said chairman Jassim Alseddiqi. The expansion could also be through hiring more people, he added.

“Now is the time to invest in Egypt,” Shuaa chief executive officer Fawad Tariq Khan said in a separate interview. “Valuations are right, the opportunities are interesting and macro-economic opportunities are right.”

The UAE-based firm is among a number of foreign companies seeking opportunities in Egypt as the government works to overhaul the economy to attract investments and create jobs, boosted by the $12 billion International Monetary Fund program.

According to Khan, one of the biggest concerns in Egypt is whether authorities will push ahead with the remainder of their economic program.

Shuaa, which is controlled by Abu Dhabi Financial Group, has announced its plans to expand its capital markets business in the Middle East.