Outlook onItalian Business in

EGYPT

20142014

in cooperation with

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The analyses contained in the Report do not commit or represent in any way the views and opinions of the founding and ordinary partners of SRM. This Report may not be copied, reproduced, transferred, distributed, hired, licensed, or broadcast in public, or used in any way other than specifically authorised by SRM, on the terms and conditions at which it was purchased. Any form of unauthorised distribution or fruition of this text, and any alteration of the electronic information contained in it, will be in breach of copyright. This Report may not be in any way exchanged, traded, lent, resold, sold in instalments, or diffused in any other manner, without SRM’s prior consent. In case of consent, this Report may not be presented in any other form than the one in which it was published, and the conditions stated here will apply also to the authorised user. Reference to the data presented is permitted, on condition of the source being indicated. This Report is exclusively for illustrative and informative ends, and therefore cannot be intended in any way as an opinion, an investment suggestion, or as expressing judgement on the companies or persons mentioned. The Report, while written taking the utmost care and professional approach, is not exhaustive, and may contain inaccuracies, omissions, and subjective opinions, for which we decline all and any responsibility.

SRM – Economic Research Centre for Southern Italy and the Med Area

www.srm-med.com

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In cooperation with Director of Research: Massimo DEANDREIS Authors: Chapters 1 and 2: Luca FORTE Dario RUGGIERO Chapter 3: Antonio MELES Stefano MONFERRA’ Maria Grazia STARITA Focus 3: edited by the Research Department of Alexbank -– Gruppo Intesa Sanpaolo, in particular: Emil ESKANDER (Coordinator), Omar MOSTAFA, Sara ANWAR, Sahar EZZ EL ARAB, Hemat EL MASRY.

Cover design: Marina RIPOLI Composition, infographics and editorial design: Raffaela QUAGLIETTA Special thanks to Alexbank for their availability, the information and the logistic support provided during the business trip in Egypt; in particular, we thank the Chief Executive Officer Roberto VERCELLI, Amir TEWFIK HANNA (Responsible of the International Desk of the Corporate Banking Division) and Emil M. ESKANDER (Responsible of the Research Department) for the valuable contribution in the compilation of the Report. We also thank Teresa MILI, Responsible of the Representative Office of Intesa Sanpaolo in Cairo. Thanks to Stefano ALBINI, owner of the Mediterranean Textile (Group Albini Ltd), and Vincenzo GASPARI, General Manager of Filmar Ltd, for participating with great enthusiasm to the compilation of the Case Studies. Thanks to Mai ELGENDY of GAFI (General Authority for Investment and Free Zones) and Marc DE LÉPINAU of the Economic Service of the French Embassy in Egypt for the data they provided and their kind availability. Luca PENNACCHIO and Sharon GIACALONE contributed at the preparation of the study.

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ITALIAN BUSINESS IN EGYPT

TABLE OF CONTENTS

SUMMARY (English Version) 7

SUMMARY (Italian Version) 9

SUMMARY (Arabic Version) 11

1 – FIGURES AND “VALUE” OF ITALIAN BUSINESS IN EGYPT

1.1 Trade 13

1.2 Foreign Direct Investment (FDI) 15

1.3 Foreign Companies in Egypt and a comparison between Italy and France 16

FOCUS 1 | COMPARATIVE ANALYSIS OF THE PERFORMANCES OF TWO SAMPLES OF FOREIGN COMPANIES IN EGYPT: THE ITALIAN COMPANIES AND THE ONES OF OTHER NATIONS 20

1.4 The investment attraction policy in Egypt 24

FOCUS 2 | CASE STUDY No. 1: MEDITERRANEAN TEXTILE AND DELTA DYEING (ALBINI GROUP LTD) 32

| CASE STUDY No. 2: FILMAR NILE TEXTILE (FILMAR LTD) 37

2 – EGYPT: COUNTRY PROFILE

2.1 Macroeconomic framework 41

2.2 Productive structure 47

Box – New Mega Projects 50

3 – FINANCIAL STRUCTURE OF EGYPT

3.1 Financial system 53

3.2 Banking system 57

3.3 Islamic banks activities 65

FOCUS 3 | MONETARY POLICY, ACTIVITY OF FINANCIAL INTERMEDIARIES AND STOCK EXCHANGE PERFORMANCES 68

BIBLIOGRAPHY 79

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SUMMARY SRM has analyzed and estimated the number, size and sector of activity of Italian companies in Egypt,

comparing them with French companies in Egypt as well. The research also explored balance sheet performances for 2011-2012 of two samples of foreign companies in Egypt: the Italian companies and the ones of other nations.

SRM research has been conducted with regard to “Italian companies in Egypt”, terms that - in this paper - we used to define companies based in Egypt, having local juridical status and with a relevant quota of Italian shareholders.

According to SRM analysis, Italian companies in Egypt generate total revenues of around 3.5 billion euros, whereas the revenues of French companies are around 3.0 billion euros.

The impact on employment of the Italian companies in Egypt is at over 29,000 workers, slightly more than the employees working for French companies (almost 25,000 people).

In 2011, due to the events of the so-called Arab Spring, total revenues of Italian companies in Egypt decreased by 18.8%; a reduction of the total investment (-9.0%) has also been recorded. However, the assets decline of Italian companies operating in Egypt did not affect tangible assets (+1.9%).

Although 2011 was not a very positive year in terms of growth, Italian companies in Egypt were able to maintain good profitability ratios: Return on Equity (RoE) reached 13%; Return on Asset (RoA) in 2011 was 5.9%.

In 2012, a general improvement in the growth indices of Italian companies operating in Egypt was recorded: revenues (-1.2%) continued to shrink but with a much lower intensity than 2011, while total investment kept on growing (+1.1%), and in particular investments in tangible capital increased (+3.6%).

The RoE of Italian companies operating in Egypt declined slightly in 2012 (from 13.0% in 2011 to 10.9%). The RoE of foreign companies in Egypt (net of the Italian ones) was higher both in 2011 (16.5%) and in 2012 (15.1%). The RoA was 4.8% in 2012 for Italian companies and 11.9% for the other foreign companies in Egypt.

On the side of efficiency, in 2012 RoS declined from 12.8% of 2011 to 10.6%; for the other foreign companies the RoS was 14.3% in 2012.

Foreign companies in Egypt are characterized by a good financial balance: leverage is low (1.3 in 2012 for companies with Italian capitals; it is 2.2 for the other foreign companies). In terms of liquidity, the current ratio for Italian companies was 1.5, thus ensuring a good coverage of liabilities in the short term. Finally, Italian companies do not have a strong financial exposure; the ratio between total financial costs and the operating income is only 2%.

These figures indicate that the Italian companies in Egypt deliver consistent values and are characterized by high economic performances. This is in particular due to the fact that Italy is an important trade partner, as well as an important investor for Egypt. According to data of the General Authority for Investment and Free Zones (GAFI), Italian companies in the

country are almost 880; among the European countries, Italy is the third country in terms of business presence, behind UK (1,280) and Germany (911 companies). France is fourth, with 635 companies.

Italy ranks first among Egypt’s European trade partners. According to Eurostat data, the total import-export trade was worth about 4.7 billion euros in 2013, with a trade balance surplus for Italy of almost 1 billion euros.

With regard to Foreign Direct Investment (FDI), Italy’s share of total investment in Egypt in the 2006-2012 period was about 4.4%, equal to 1.8 billion euros, a figure slightly lower than the French one (1.9 billion).

An internal market of almost 90 million of consumers, an average age of the population of just 24 years, a sharp policy of captivation of foreign investments and the existence of 9 Public Free Zones with tax advantages are the main attraction features of Egypt which, after the presidential election of last May, is looking for a new period of stability, a key factor for the increase of foreign investments in the Country.

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In 2013, Egyptian GDP was up by 2.1%, in line with the performance of Tunisia and Algeria in North Africa, while GDP per capita (6,750 PPP dollars in the fiscal year 2012-2013) is higher than Morocco’s and lower than that of Libya, Tunisia and Algeria.

Egyptian import-export trade increased almost four times between 2003 and 2013 (compared to Italy's increase in foreign trade of just 39.9% in the same period).

In 2013, the stock of Foreign Direct Investment (FDI) in Egypt amounted to 64.0 billion euros, with a per capita value of 780 euros (higher only than Algeria’s, among North African countries) and an impact on GDP of 34.3%.

The Egyptian government has decided to initiate new mega projects, mainly concentrated in the infrastructure sector, opening the door for more local and foreign investments.

These projects would help the Egyptian economy regain pre-2011 growth rates and contribute in creating thousands of job opportunities, supported by a national optimism about ending 3 years of political and economic uncertainty.

As far as the presence of “financial infrastructures” is concerned, the Egyptian economic system is characterised by the leading role played by traditional operators (banks, insurance companies and pension funds), while the presence of other intermediaries (Private Equity firms and Venture Capitalists) is marginal and inferior to the average data of the MENA area. In Egypt there are around 20 financial intermediaries per million inhabitants, a lower number than the MENA

total (139.9). Banks, insurance companies and pension funds account for 31.9% of the total number of financial operators in the country (vs. 28% in the MENA area as a whole).

The average size of banks in Egypt (total assets of around 5.8 billion euros on average) is higher than in Tunisia (2.2 billion euros), but much lower than in Turkey (20.9 billion euros), two of the Med Area countries SRM has already analyzed.

The efficiency of Egyptian banks (cost income ratio 49.1%) is higher than that of Tunisia (58.7%) and Turkey (57.2%); profitability is also higher for Egyptian banks compared to Tunisian and Turkish ones, considering the RoE.

The assets of the top 5 Egyptian banks account for 68.2% of the total assets of the country’s entire banking system, higher than the figure of Turkey (61.2%) and Tunisia (63.2%).

The three Islamic banking institutions in Egypt (Al Baraka Bank Egypt, Faisal Islamic Bank of Egypt and Abu Dhabi Islamic Bank) operate in the corporate segment as well in the retail one.

In 2013, the listed companies on the Egyptian Stock Market (EGX) were 212, with a value of market capitalization of around 44.6 billion euros, equivalent to around ¼ of GDP, lower than the value recorded in the MENA area as a whole (40.0%).

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SUMMARY Italian Version

SRM ha analizzato e stimato il numero, le dimensioni e i settori di attività delle imprese italiane in Egitto,

confrontandole con le imprese francesi attive nel Paese africano. Lo studio ha altresì esaminato le performance di bilancio di due campioni di imprese straniere in Egitto per gli anni 2011-2012: le imprese italiane e quelle di altre nazioni.

La ricerca di SRM è stata condotta con riferimento alle “imprese italiane in Egitto”, termine che – in questo Report – viene utilizzato per definire imprese che operano in Egitto, con veste giuridica locale e con una quota rilevante di azionisti italiani.

In base a nostre stime, le imprese italiane in Egitto generano un fatturato aggregato di circa 3,5 miliardi di euro, mentre il fatturato delle imprese francesi in Egitto è quantificabile in circa 3,0 miliardi di euro.

L’impatto occupazionale della presenza business italiana in Egitto è di oltre 29.000 addetti, leggermente superiore agli addetti delle imprese francesi in Egitto (quasi 25.000 addetti).

Nel 2011, a causa degli eventi della c.d. Primavera Araba, il fatturato totale delle imprese italiane in Egitto è diminuito del 18,8%; in calo anche gli investimenti (-9,0%). Ciò nonostante, la contrazione dell’attivo totale delle imprese italiane in Egitto non ha intaccato le immobilizzazioni materiali (in crescita del +1,9%).

Sebbene il 2011 non sia stato un anno positivo in termini di crescita del fatturato, le aziende italiane in Egitto hanno mantenuto buoni indici di redditività: il RoE è risultato del 13% mentre il RoA è stato pari al 5,9%.

Con riferimento al 2012 si registra un generale miglioramento degli indici di crescita delle imprese italiane in Egitto: il fatturato (-1,2%) ha continuato a calare ma molto meno intensamente rispetto al 2011, mentre gli investimenti totali sono risultati in crescita (+1,1%), in particolare quelli in immobilizzazioni materiali (+3,6%).

Nel 2012 il RoE delle imprese italiane in Egitto è risultato in leggera contrazione (10,9%, dal 13,0% del 2011). Il RoE delle imprese straniere in Egitto (escluse quelle italiane) è stato maggiore sia nel 2011 (16,5%), sia nel 2012 (15,1%). Il RoA è risultato pari al 4,8% nel 2012 per le imprese italiane in Egitto e a 11,9% per le altre imprese straniere in Egitto.

Dal lato dell’efficienza, nel 2012 il RoS si è ridotto al 10,6% (dal 12,8% del 2011); per le imprese straniere in Egitto (escluse quelle italiane) il RoS è stato pari a 14,3% nel 2012.

Le imprese straniere in Egitto sono caratterizzate da un buon equilibrio finanziario: il leverage è basso e pari a 1,3 nel 2012 per le imprese italiane in Egitto, contro 2,2 per le altre imprese straniere che operano nel Paese. In termini di liquidità, il current ratio è stato superiore a 1 nel 2012 (più precisamente, 1,5), assicurando così una buona copertura delle passività a breve. Infine, le aziende italiane in Egitto non hanno una forte esposizione finanziaria: il rapporto tra il totale dei costi finanziari e il reddito operativo è pari ad appena il 2%.

Questi dati indicano che la presenza “business” italiana in Egitto risulta di grande rilievo ed è caratterizzata da performance economiche di livello elevato; ciò anche grazie al fatto che l’Italia è un importante partner commerciale dell’Egitto, oltre che uno dei principali investitori nel Paese. Secondo dati forniti dal GAFI (General Authority for Investment and Free Zones), le imprese italiane in Egitto

sono circa 880; l’Italia è, tra i paesi europei, al terzo posto in termini di presenza imprenditoriale nel Paese, dietro la Gran Bretagna (1.280 imprese) e la Germania (911) e davanti alla Francia (635 imprese).

L’Italia è al 1° posto tra i partner commerciali europei dell’Egitto. In base ai dati dell’Eurostat, l’Italia presenta un interscambio commerciale con l’Egitto pari a 4,7 miliardi di euro nel 2013 e una bilancia commerciale in attivo per quasi 1 miliardo di euro.

Per quanto riguarda il flusso di Investimenti Diretti Esteri in Egitto, la quota dell’Italia è risultata pari al 4,4% nel periodo 2006-2012, pari a 1,8 miliardi di euro, un dato leggermente inferiore rispetto a quello della Francia (1,9 miliardi).

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Un mercato interno di quasi 90 milioni di consumatori, un’età media della popolazione di appena 24 anni, un’incisiva politica di attrazione di investimenti dall’estero e l’esistenza di 9 Zone Franche Pubbliche con fiscalità di vantaggio sono i principali fattori di attrazione dell’Egitto che, dopo le elezioni presidenziali del maggio scorso, è alla ricerca di un nuovo periodo di stabilità, fattore decisivo per la crescita degli investimenti stranieri nel Paese. Nel 2013 il Pil dell’Egitto è cresciuto del 2,1%, un andamento simile a quello registrato in Tunisia ed Algeria,

mentre il Pil pro-capite (6.750 dollari a Parità di Potere di Acquisto nell’anno fiscale 2012-2013) è maggiore rispetto a quello del Marocco ma più basso rispetto ai valori di Libia, Tunisia e Algeria.

L’interscambio commerciale con l’estero dell’Egitto è quadruplicato tra il 2003 e il 2013; in confronto, il commercio estero dell’Italia è aumentato di appena il 39,9% nello stesso periodo.

Nel 2013 lo stock di Investimenti Diretti Esteri in Egitto ammontava a 64,0 miliardi di euro, con un valore pro-capite di 780 euro (maggiore solo rispetto al valore pro-capite dell’Algeria tra i paesi nordafricani) e un’incidenza sul Prodotto Interno Lordo del 34,3%.

Il governo egiziano ha deciso di dare avvio a nuovi mega-progetti di investimento concentrati prevalentemente nelle infrastrutture, nell’ottica di favorire maggiori investimenti interni e dall’estero.

Questi progetti potrebbero consentire all’economia egiziana di ritornare a tassi di crescita pre-2011 e contribuire alla creazione di migliaia di posti di lavoro, supportati da un generale ottimismo per la fine di tre anni di incertezza politica ed economica.

Per quanto concerne la dotazione di “infrastrutture finanziarie”, il sistema economico egiziano si caratterizza per il ruolo di primo piano degli operatori tradizionali (banche, compagnie di assicurazione e fondi pensione), mentre la presenza di altri intermediari (società di Private Equity e Venture Capitalist) risulta marginale e inferiore al dato dell’area MENA complessivamente. In Egitto ci sono circa 20 intermediari finanziari per milione di abitanti, un numero sensibilmente inferiore a

quello della Regione MENA nel suo complesso (139,9); banche, compagnie di assicurazione e fondi pensione pesano per il 31,9% sul numero totale di operatori finanziari attivi nel Paese (28% nel totale dell’area MENA).

La dimensione media delle banche egiziane (attivo di 5,8 miliardi di euro mediamente) è maggiore rispetto a quella delle banche in Tunisia (2,2 miliardi di euro), ma molto inferiore a quella delle banche in Turchia (20,9 miliardi di euro), 2 tra i paesi dell’Area Med già analizzati da SRM nell’ambito del “Progetto Business” .

L’efficienza delle banche egiziane (cost income ratio pari al 49,1%) è maggiore di quella delle banche tunisine (58,7%) e turche (57,2%); anche la redditività (misurata dal RoE) è più alta rispetto alle banche tunisine e turche.

L’attivo delle prime 5 banche egiziane copre il 68,2% dell’attivo totale dell’intero sistema bancario del Paese, una percentuale più alta rispetto al dato della Turchia (61,2%) e della Tunisia (63,2%).

Le 3 banche islamiche attive in Egitto (Al Baraka Bank Egypt; Faisal Islamic Bank of Egypt; Abu Dhabi Islamic Bank) sono operative sia nel segmento corporate che in quello retail.

Con riferimento a fine 2013, le società quotate alla Borsa valori egiziana (EGX) erano 212, con una capitalizzazione di mercato pari a 44,6 miliardi di euro, pari a circa 1/4 del Pil, un’incidenza più bassa rispetto a quella registrata nell’Area MENA complessivamente (40,0%).

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SUMMARY Arabic Version

مركز قام SRM اإليطالية للشركات والمستقبلي الحالي الوضع حول مدققة دراسة بإعداد باولو سان انتيزا لمجموعة والتابع االقتصادية للبحوث رمص في العاملة الفرنسية بالشركات مقارنةً بھا تنشط التي االقتصادية والقطاعات ، أعمالھا وحجم ، بعددھا يتعلق فيما وذلك بمصر العاملة بالسوق تعمل أخري أجنبية شركات و اإليطالية الشركات من لعينتين 2012 و 2011 لعامي المالية للنتائج عرضا الدراسة تضمنت كما. أيضا

. المصرية تقديرات بحسب SRM يقرب ما دالعوائ ھذه تبلغ بينما سنويا، يورو مليار 3,5 نحو مصر في اإليطالية الشركات تدرھا التي العوائد مجموع يبلغ

.الفرنسية للشركات بالنسبة يورو مليار 3 من الفرنسية بالشركات يعملون 25,000 بنحو مقارنة عامال 29,000 نحو مصر في الشركات بھذه يعمل. خفضان كما ،%18,8 بنسبة مصر في العاملة االيطالية الشركات إيرادات إجمالي انخفض ،2011 عام في العربي بالربيع سمي ما أعقاب في

%.1,9 بنحو ارتفع قد الشركات لھذه الملموسة األصول إجمالي فإن ذلك، ورغم%. 9 بنسبة اإليطالية االستثمارات إجمالي ربحية معدالت علي خالله الحفاظ اإليطالية الشركات استطاعت النمو، معدالت حيث من ما حد إلي إيجابيا يكن لم 2011 عام أن من الرغم علي

%.5,9 األصول على العائد بلغ كما ،%13 المساھمين حقوق على عائدال بلغ حيث جيدة، حيث - االنخفاض في عائداتھا استمرار من الرغم فعلي مصر، في العاملة اإليطالية الشركات نمو مؤشرات في عاما تحسنا 2012 عام شھد

اإليطالية االستثمارات ارتفعت فقد ذلك، إلي باإلضافة. 2011 عام في المسجل التراجع عن بكثير تقل النسبة ھذه فإن - % 1,2 بنسبة تراجعت %.3,6 بنسبة ارتفع الذي الملموس المال رأس وخاصة ،%1,1 بنسبة

في% 13 بـ مقارنة% 10,9 ليسجل 2012 عام في طفيف بشكل مصر في العاملة اإليطالية للشركات بالنسبة المساھمين حقوق على العائد تراجع عامي خالل% 15,1 و% 16,5 بلغ والذي مصر في العاملة األخري األجنبية للشركات بالنسبة نظيره من أقل لعائدا ھذا ويعد. 2011 عام

الشركات حققتھا% 11,9 بـ مقارنةً % 4,8 نحو اإليطالية للشركات بالنسبة األصول علي العائد سجل وقد ھذا. التوالي علي 2012 و 2011 .2012 عام خالل األخري األجنبية

سجلت بينما السابق، العام في سجلت% 12,8 بـ مقارنة% 10,6 ليسجل 2012 خالل المبيعات علي العائد انخفض فقد الكفاءة، مستوي يوعل .2012 عام خالل% 14,3 قدره عائدا األخري األجنبية الشركات

للشركات بالنسبة 2012 عام في 1,3( منخفضة اليةم رافعة ذات أنھا حيث جيدة، مالية بأوضاع مصر في العاملة األجنبية الشركات وتتمتع ھذا مما ،1,5 االيطالية الشركات في الحالية نسبتھا بلغت فقد السيولة ناحية ومن). األخرى األجنبية للشركات بالنسبة 2,2 بنحو مقارنةً االيطالية . فقط% 2 شركاتال ھذه في الدخل إلي التكاليف نسبة تبلغ كما األجل، قصيرة للديون جيدة تغطية يضمن

شريكا تعد ايطاليا أن إلي األساس في ذلك ويرجع ثابت، و مرتفع اقتصادي بأداء تتمتع مصر في العاملة اإليطالية الشركات أن إلى األرقام ھذه وتشيرً مستثمراً تعد كما ، لمصر مھما تجاريا ً ھاما .أيضا

بين الثالثة المرتبة لتحتل شركة، 880 نحو مصر في العاملة االيطالية الشركات عدد بلغ الحرة، والمناطق لالستثمار العامة الھيئة لبيانات وفقا

المرتبة فرنسا تحتل كما مصر، في العاملة الشركات عدد حيث من) شركة 911( والمانيا) شركة 1280( المتحدة المملكة بعد األوروبية الدول .مصر في تعمل فرنسية شركة 635 بنحو الرابعة

بين التجاري التبادل إجمالي بلغ فقد اليوروستات مؤسسة لبيانات فوفقا األوروبيين، التجاريين مصر ركاءش بين األولى المرتبة يطالياإ تحتل .2013 عام في يورو مليار 1 نحو بلغ ايطاليا لصالح فائضا التجاري الميزان تحقيق مع يورو، مليار 4,7 نحو البلدين

2012 وحتي 2006 عام من الفترة خالل االستثمارات ھذه إجمالي من إيطاليا حصة مثلت مصر، في المباشر جنبياأل باالستثمار يتعلق وفيما .يورو مليار 1.9 بلغت التي فرنسا بحصة مقارنة ،) يورو مليار 1,8% (4,4 حوالي

من المزيد تحقيق إلي - الماضي مايو في الرئاسية باتاالنتخا عقد بعد - تتطلع التي المصرية السوق جاذبية علي أيضا الضوء الدراسة وتلقي ھذا

فقط، سنة 24 أعمارھم متوسط يبلغ مستھلكا، مليون 90 نحو فيھا يعيش حيث مصر بھا تتمتع التي األخري الجذب عوامل إلي ذلك ليضاف االستقرار ضريبية مزايا الجدد للمستثمرين الدولة توفر كما ، حرة مناطق 9 بھا يتواجد كما المباشرة، األجنبية لالستثمارات جاذبة سياسات حكومتھا وتتبني .كبيرة

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مثل افريقيا شمال في نظيراتھا حققتھا التي المعدالت مع متناسب معدل وھو ،%2,1 نحو مصر في اإلجمالي المحلي الناتج بلغ ،2013 عام في والجزائر، وتونس ليبيا في مثيله من أقل كان) دوالر 6750( 2012/13 المالي العام خالل الناتج ھذا من الفرد نصيب أن إال والجزائر، تونس .المغرب في مثيله من أكبر ولكنه

حجم في زيادة من إيطاليا حققته بما مقارنة( 2013 و 2003 عامي بين أضعاف أربعة من يقرب بما مصر في التجاري التبادل حجم ارتفع ).الفترة نفس خالل فقط% 39,9 بلغت الخارجية تجارتھا

بذلك مصر لتتفوق يورو 780 نحو منه الفرد نصيب بلغ حيث يورو مليار 64 مصر في المباشر األجنبي االستثمار رصيد بلغ ،2013 عام في .أفريقيا شمال دول بين من فقط الجزائر علي

المشروعات تلك شأن ومن التحتية، لبنيةا لمشروعات خاصة أولوية اعطاء مع ضخمة مشروعات عدة إنشاء في البدء المصرية الحكومة قررت .واألجنبية المحلية االستثمارات من المزيد تجذب أن

المصري االقتصاد يحققھا كان التي المرتفعة النمو معدالت استعادة شأنه من بما العمل فرص من اآلالف خلق في المشروعات ھذه ستساھم كما . واالقتصادي السياسي االستقرار عدم حالة من نواتس ثالث بإنھاء عام تفاؤل وسط ، 2011 عام قبل

الرئيسي الدور بلعب) التقاعد وصناديق التأمين وشركات البنوك( التقليديين الماليين الوسطاء باضطالع المصري االقتصادي النظام يتميز

.وسطاأل الشرق منطقة في بنظيراتھا مقارنة ھامشية أدوارا اآلخرين الوسطاء يلعب حين في فيه،

وشركات البنوك تمثل. األوسط والشرق افريقيا شمال دول في وسيطا 139,9 بـ مقارنة نسمة، مليون لكل ماليا وسيطا 20 نحو مصر في يوجد .ككل افريقيا وشمال األوسط الشرق منطقة في% 28 مقابل الوسطاء ھؤالء من% 33,6 نحو المعاشات وصناديق التأمين

من بكثير أقل إنه إال ،)يورو مليار 2,2( تونس في مثيله عن) يورو مليار 5,8 نحو يبلغ أصول بمجموع( مصر في البنوك حجم متوسط يزيد ).يورو مليار 20,9( تركيا في مثيله

49,1 صرم في النسبة تلك بلغت حيث وتركيا تونس في نظيرتھا عن تقل فيھا الدخل إلي التكاليف نسبة فإن المصرية البنوك لكفاءة وبالنسبة % ربحية فإن) الملكية حقوق علي العائد( الربحية مستوي علي أنه إال التوالي، علي وتركيا تونس من كل في% 57,2 و% 58,7 بنحو مقارنة . والتركية التونسية البنوك في نظيرتھا من أعلي تعد المصرية البنوك

61,2( تركيا في مثيلتھا من أعلي وھي ، بأكمله المصرفي النظام أصول إجمالي من% 68,2 نحو مصرية بنوك 5 أكبر أصول تمثل (%، %). 63,2( وتونس

والتجزئة الشركات صيرفة بمجال يعمالن) االسالمي ظبي أبو وبنك اإلسالمي فيصل بنك و البركة بنك( ھما مصر في اسالمية بنوك ثالثة يوجد .أيضا المصرفية

يعادل ما أي يورو، مليار 44,6 نحو السوقي رأسمالھا بلغ ، 2013 عام خالل شركة 212 المصرية البورصة في المدرجة الشركات عدد بلغ %).40 بلغت التي افريقيا شمال و األوسط الشرق منطقة في المسجلة القيمة من أقل( اإلجمالي المحلي الناتج من% 25

2014