Barclays Plans to Move Egypt HQ to East Cairo

Barclays’s Egyptian arm plans to move its administrative headquarters to Egypt’s Nasr City or Heliopolis districts, said finance director Mohamed Sherif.

In a recent interview with Amwal Al Ghad, Sherif stated that Barclays Egypt is planning to move its administrative head office in Kasr El Aini in Garden City to Nasr City or Heliopolis district in east Cairo.

In this respect, the banking official revealed that Barclays Egypt allocated investments worth EGP 480 million to establish its most modern administrative headquarters to serve the bank’s future strategies.

Barclays Egypt arm is expecting to register a 15% growth in first half profits, he noted, saying that profits are likely to range between 250-260 Egyptian pounds (US$34-36 million) for the first half of 2014.

Moreover, Sherif highlighted the bank’s strategy includes the launch of its new mutual fund by the beginning of the fourth quarter that will invest in securities and other sectors. The fund will be with capitalisation of EGP 250 million, he added, referring that it may rise to EGP 750 million.