UAE-based asset management firm Gulf Capital announced today that it has opened an office in Cairo to further seek investment opportunities in the fast-growing Egyptian and African markets.
The office will be headed by seasoned investor Miray Zaki, the prior Chief Investment Officer of the Sheikh Zayed Al Nahyan Foundation and previously with the Abu Dhabi Investment Authority (ADIA), and Fady George, who joins from SPE Capital Partners.
Gulf Capital also plans to invest some USD 250 mn in Egypt over the next five years, Hapi Journal quoted CEO and co-founder Karim El Solh as saying at a presser today.
The investment will come as part of its Gulf Capital Equity Partners Fund III, and will target companies in the tech, fintech, e-commerce and healthcare sectors.
Commenting on Gulf Capital’s operation in the Egyptian market and the company’s future plan for it, El-Solh said that the company intends to double its total investments in the Egyptian market — which amount to EGP 5 billion over the coming five years.
He added that the company focuses on the sectors of the future, which include sustainability, solar energy, renewables, health tech, fintech, and business services.
“These sectors are the same ones Egypt’s government is focusing on to achieve the country’s economic growth,” El-Solh explained.
He also said that the company is planning to offer two of its private equity companies under the Initial Public Offering (IPO) Program in Egypt, adding that the company already invests in nine companies in the local market.
Furthermore, the company will launch its fourth equity investment portfolio in the summer season and Egypt’s share of these investments will be significant, with $2.5 million expected to be pumped in the market through this portfolio.
“Egypt continues to be an attractive and fast-growing market and a major investment destination for our company and our global investors. Opening a local office and hiring a senior Egyptian investment team will allow us to accelerate our investment pace in Egypt in promising sectors such as the digital economy and healthcare and to keep us closer to our existing portfolio companies and business partners.”
He noted that Egypt has a promising technology and fintech landscape and that this potential makes the country a rising star in the global technology scene.
According to the latest report from the International Monetary Fund (IMF), the Egyptian economy will become the second largest Arab and African economy during 2022.
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