NEW YORK: Beltone Financial brought the first “Egypt Day to the New York Stock Exchange (NYSE) on Feb. 4, the firm said in a press statement.
Representatives from the investment bank headed to the Big Apple to share their insights into the booming regional economy and ring the closing bell at the NYSE at the end of Sunday’s trading session.
Along with a delegation of top governmental and business leaders – including Investment Mahmound Moheildin and Chairman of the Cairo and Alexandria Stock Exchange (CASE) Maged Shawki – Beltone Financial showcased an array of investment opportunities in Egypt, the Middle East and North Africa.
The CEO of NYSE Euronext, Duncan Niederauer, was also be present.
“The reception we are receiving from US investors is overwhelmingly positive, Aladdin Saba, chairman of Beltone Financial, said in a statement.
“Compelling investment opportunities in Egypt are attracting abundant flows of Arabian Gulf petro-dollars. Sound fiscal policies, in conjunction with the non-existence of the subprime lending crisis, are cushioning Egypt from volatility, he added.
Beltone Financial is spearheading this unique investment conference in the US. Headquartered in Cairo, the company has offices throughout the region.
Beltone Enclave opened in New York in 2007 and is “the first investment bank exclusively dedicated to serving institutional and high-net-worth investors in the Middle East and North Africa, said the firm.
The Arabian Gulf States have excess liquidity of up to $500 billion a year, presenting a significant opportunity for US investors, added Beltone, and the Gulf States invested $6 billion in Egypt last year.
Foreign Direct Investment leapt from $400 million in 2002 to $11.1 billion in 2007 and is expected to increase in 2008.
“The Egyptian market is flourishing on a local level. Consumers are investing as never before, with huge increases of new investors in equity markets and people establishing small and medium sized companies, added Saba.
“Furthermore, Egypt’s stock exchange has been consistently one of the world’s top performers in recent years, he concluded.
