Tarek Fayed, Chairman and CEO, emphasizes the importance of opening the UAE Rep Office to maximize joint investments across the UAE in specific and GCC in general. The UAE office contributes to not only stimulating trade between Egypt and the Arab Gulf countries but also, attracting Arab & Gulf investments to Egypt, financing foreign trade operations as well as capturing remittances from Egyptian expats.
Fayed also asserted that the opening of the UAE Rep Office will support the 15% market share growth in light of the actual indicators reflecting the exchange rate stability. He pointed out that BDC currently captures 10% of the total remittances of Egyptian expats routed from Arab Gulf countries.
He further emphasized that BDC's business strategy is not limited to the UAE market, but extends to oversee expansion with a focus on strengthening presence in the Gulf region as a first step. He pointed that the bank managed to secure the initial approvals needed from both the Central Bank of the UAE and Egypt to set up the UAE Rep Office. BDC has also contracted with top exchange houses in Arab Gulf countries to attract & capture remittances from Egyptians expats and further connect the bank with this vital region to enforce BDC's overall plans aimed at supporting Egypt's economic and commercial growth activities at the regional level.
Fayed also praised the substantial support of the Central Bank of the UAE to speed up the process of obtaining the operating license for the Rep Office in a very quick and short timeframe, which reflects the solid and strong relationship between the two countries.
He added that BDC is also currently seeking to enhance trade flow between Egypt and African countries through Banque du Caire- Kampala, which we are currently restructuring to serve as a platform to enter Africa. Backed by seasoned and experienced bankers in Africa Trade, BDC is aiming to promote and boost the trade exchange between Egypt and the African countries.
Amr El Shafei, Executive Vice Chairman, stressed that BDC is very keen to implement its expansion plan at the regional level through several pillars, including the expansion of its network of correspondent banks across the Arab Gulf and African countries to facilitate our client's exposure and transactions with these countries. He added that BDC reviews and expands its network of correspondent banks from time to time in order to further strengthen the relationships with the Middle East and African banks.
Additionally, El Shafei added that BDC's Board of Directors is keen on developing the best technological means necessary, in addition to providing the Rep Office with Qualified and Experienced Bankers to serve our clients with the highest level of service possible .The Trade corridor between the Middle East and Africa is key to growing their Economies and Egypt is perfectly Suited to play a leading role in developing it.
BDC has appointed Ashraf Khalil to head its Representative Office in the UAE and the Gulf Region. Khalil who has spent more than 15 Years in the region highlighted the importance of choosing the UAE as a first destination for the bank’s Rep Office in the Region due to the fact that UAE is considered as a financial hub which hosts many of the top & prime international institutions and multinational corporations who typically their regional offices in the UAE to serve their activities and commercial interests across GCC & North Africa inclusive of Egypt. Also the UAE & GCC holds significant and increasing investment activity towards Egypt which is the core reason behind setting up a Rep Office in this important region.
Khalil added that, with the launch of the Rep Office in the UAE, BDC is seeking to work closely with targeted client segments that will enable the bank to increase its market share from such clients who have trade, commercial or investment exposure in Egypt through BDC's head office in Egypt.
He identified that the main activity of the Rep Office is to provide the necessary on ground support to BDC's customers in the UAE and Arab Gulf across all core sectors, such as Exchange Houses (for Egypt Remittances), financial and non-Bank financial institutions and Large Corporates dealing with BDC's head office in Egypt. Furthermore the Rep Office will play a key role with the Egyptian embassy and consulate and the Egyptian expat community to support the commercial and investment activity in Egypt and market all BDC's products and distribution channels in Egypt in essence of meeting their banking needs.
© Press Release 2019