ICEC

Credit Suisse optimistic about Egypt’s economy

The economic growth cycle of Egypt still has several years ahead to go, said Swiss Credit Suisse Group head of Middle East research Fahd Iqbal on Tuesday.

Credit Suisse Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland.

The North African nation’s economy is expected to be fruitful next year as Egypt is turning into a net natural gas exporter, Iqbal told Bloomberg TV.

The Egyptian tourism sector is also projected to maintain recovering next year and stimulate economic growth, he said.

As for investment opportunities in the most populous Arab country, Iqbal said that the market is healthy for asset managers.

He remarked that asset managers held more than double Egypt’s benchmark weight “when Egypt was in its heyday” before the 25th January revolution 2011.

He pointed out that now there is more of an allocation upside when it comes to investment in Egypt’s assets, in line with the continued recovery and growth of the economy.

Egypt has been applying economic reforms since 2016 in an attempt to revive the economy, including the exchange rate’s liberalisation, cutting fuel and electricity subsidies, and amending some industrial and investment laws.

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