CI Capital targets expanding in KSA, UAE

CI Capital targets expanding in KSA, UAE
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CIB COMI 1.66% 85.73 1.40

By: Ahmed Allam

Mubasher: CI Capital is looking forward to work in the Saudi and Emirati markets in the upcoming period, according to the head of research, Karim Khadr.

Karim Khadr said on the sidelines of a press conference on Sunday that the company’s UAE license allows operations in both the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), expecting the company to obtain it by the fourth quarter of 2017.

Regarding expansion in the Saudi market, Khadr indicated that the company is currently negotiating with a Saudi bank to authorize carrying out transactions for Saudi investors in both the local and international markets.

Despite note revealing the identity of the bank, he expects the deal to be completed within a month.

Earlier, CI Capital’s deputy chairman and group CEO, Mahmoud Attalla revealed plans to increase the company’s assets under management (AUM) portfolio by 25% in 2017.

In March, the Commercial International Bank – Egypt (CIB) announced selling 74.75% of its stake in its subsidiary CI Capital Holding for EGP 710.158 million.

The bank retained a minority stake of 25.24% of CI Capital Holding.

Translated by: Moslem Ali

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Source: Mubasher Exclusive