Abu Dhabi Commercial Bank – Egypt eyes 25% growth rates at 2021-end

Abu Dhabi Commercial Bank (ADCB)-Egypt, part of Abu Dhabi Commercial Bank, aims to continue expanding in the Egyptian market through achieving growth rates of up to 25 percent by the end of 2021.

ADCB Egypt is projecting average growth rates estimated between 15 and 20 percent in the banking sector.

The bank’s strategy during the coming period is largely based on expansions in electronic banking services and products, especially as the Abu Dhabi Commercial Group is distinguished in this regard.

It has won several important awards in the field of digital products through its provision of a variety of services. This in turn gives its customers a distinct and unique banking experience, most saliently Internet banking and the bank’s electronic wallet features, as well as other banking services that keep pace with the latest banking industry developments.

The bank also aims to continue financing major and economically feasible investment projects in the interests of the national economy. This comes alongside providing job opportunities, and contributing to economic and societal development.

The bank is also studying several funding projects varying between direct financing and joint loans, with values ​​ranging between 2-3 billion Egyptian pounds.

The projects are in a number of vital sectors of the Egyptian economy, most notably industry, contracting, gas and petroleum, pharmaceuticals, in addition to the service sector.

ADBC recently signed joint financing contracts with the Arab Company for Projects and Urban Development, a subsidiary of Talaat Moustafa Group (TMG), with the participation of other banks. The aim is to finance the establishment and development of TMG’s Celia project in the New Administrative Capital (NAC).

With regard to its social responsibility activity in 2020, ADCB undertook a number of activities, most notably participating in the symposium organised by the University Center for Professional Development at Alexandria University’s Faculty of Commerce.

The symposium, entitled “Graduate skills required in the Egyptian labor market”, took place with the participation of business owners and entrepreneurs in Alexandria Governorate.

The symposium discussed the impacts of COVID-19 on the labour market, and the changes that have occurred in the field of employment for university graduates.

The bank has also held a number of events with the participation of people with will, as the bank pays great attention to empowering them, and integrating them financially. It also looks to ensure that their needs are met through banking services and products that specifically meet their requirements.

This is part of the bank’s efforts to achieve sustainable development and growth in the Egyptian society, in addition to donating 10 million pounds to the Tahya Misr (Long live Egypt) fund for those affected by the coronavirus crisis.