Latest news with #ArabAfricanInternationalBank
Daily News Egypt
19-05-2025
- Business
- Daily News Egypt
AAIB, MSMEDA sign EGP 150m agreement to boost Egypt's SME industrial sector
The Arab African International Bank (AAIB) has signed a new financing agreement with the Micro, Small and Medium Enterprise Development Agency (MSMEDA), securing EGP 150m to support small and medium-sized enterprises (SMEs) in Egypt's industrial and production sectors. Tamer Wahid, Vice Chairperson and Managing Director of AAIB, emphasized the bank's longstanding commitment to empowering SMEs, noting that AAIB's SME financing portfolio has now surpassed EGP 10bn—a nearly 400% increase. The number of clients served in this segment has exceeded 800. Wahid highlighted the bank's strategic focus on supporting industrial projects that contribute to national development, as well as expanding services for exporters. 'This agreement reflects our continued dedication to strengthening our role in SME financing. We believe in the sector's central role in driving economic development and achieving sustainable growth,' he stated. He added that AAIB is focused on delivering innovative financial products and advanced technological solutions tailored to the evolving needs of SMEs, in line with ongoing digital transformation in the financial sector. 'We aim to collaborate with our partners to offer competitive financing opportunities that accelerate SME growth.' Under the agreement, AAIB will re-lend the funds to eligible SMEs across all Egyptian governorates, with a particular focus on new ventures and women-led projects. Small enterprises will be eligible for financing up to EGP 15m, while medium-sized enterprises can access up to EGP 30m. The loans will be used primarily for purchasing new machinery and supporting working capital. This strategic partnership between AAIB and MSMEDA underscores the importance of public-private collaboration in advancing Egypt's economic development and fostering sustainable growth through SME empowerment. Basil Rahmy, CEO of MSMEDA, affirmed the agency's commitment to working closely with major financial institutions to provide comprehensive support to entrepreneurs in the industrial and productive sectors. He noted that this partnership aligns with the government's strategic direction and the directives of Prime Minister Mostafa Madbouly—who also chairs MSMEDA—to create a business-friendly environment for SME growth. 'Our aim is to help enterprises expand, increase production, and generate sustainable job opportunities for youth and graduates,' Rahmy said. 'We are actively working to expand MSMEDA's financing footprint across micro, small, and medium enterprises, including support for innovative and technology-driven projects.' Rahmy added that this includes both direct financing and coordinated efforts with banks, NGOs, and various partners, as well as investment in companies founded or backed by MSMEDA. These efforts form part of the agency's broader role in improving Egypt's investment climate and fostering a culture of entrepreneurship, innovation, and self-employment.
Zawya
19-05-2025
- Business
- Zawya
Egypt's Tatweer Misr announces $280mln investment for 2025, aims to deliver 2,000 units
Egypt's Tatweer Misr will invest 14 billion Egyptian pounds ($280 million) in 2025 as part of its ongoing expansion strategy across the country's key real estate markets, Managing Director Ahmed Shalaby told Zawya Projects. The private developer expects to generate EGP 35 billion ($700 million) in sales revenue by the end of the year, with projected net profits of EGP 2 billion ($40 million), he said on the sidelines of a media roundtable on Sunday. Tatweer Misr recorded EGP 6 billion ($120 million) in revenues during the first quarter of 2025, delivering 500 units and investing EGP 3 billion ($60 million) during the period. The delivery target for 2025 is 2,000 units. Shalaby added that in the first quarter, the company finalised an agreement with the Arab African International Bank and Al Ahly Pharos to launch a securitisation programme valued at EGP 20 billion ($400 million) over five years. The company's first multi-issue issuance will support the acceleration of its real estate projects. In 2024, Tatweer Misr achieved EGP 33 billion ($660 million) in sales revenue, delivered 1,400 units, and invested EGP 4 billion ($80 million). Net profits for the year stood at EGP 1.7 billion ($34 million), with 2,350 units sold. Shalaby said the company is currently studying new investment opportunities in Saudi Arabia and Oman, with plans to announce one new project in 2025 without elaborating. Domestically, Tatweer is exploring potential developments in the North Coast, East Cairo, and West Cairo. Tatweer Misr is presently developing six projects across East and West Cairo, the North Coast, and Ain Sokhna. Shalaby also noted that Tatweer Misr is the first real estate company in Egypt to receive the SmartScore Platinum certification from WiredScore for its headquarters at Arkan Plaza in Sheikh Zayed City. The company also holds four ISO certifications, supporting its integrated approach to smart and sustainable development. Chief Commercial Officer Kareem Radwan introduced the company's newly launched REACH programme, which offers tailored financial solutions and payment plans of up to 15 years. The initiative is aimed at improving customer experience, enhancing project cash flow, and reinforcing the company's network of strategic partners. (1 US Dollar = 50.03 Egyptian Pounds) (Reporting by Eman Hamed; Editing by Anoop Menon) (
Zawya
08-04-2025
- Business
- Zawya
AAIB announces robust 2024 results, net profits hits $301m
A $301m net profit for 2024 has been announced by the Arab African International Bank (AAIB), driven by its shift towards a liabilities-driven market approach. Tamer Waheed, Vice Chairperson and Managing Director, said: 'Our shift, towards a liabilities driven market approach, achieved its desired results, AAIB continued to deliver a strong performance for the year 2024.' Despite a significant devaluation in the first quarter of 2024, the bank reported a rise in Net Interest Income to $580m, a 14.7% nominal increase, and Net Banking Income rose to $702m, an 18.4% nominal increase. The year closed with a net profit of $301m, with the bank maintaining elevated provisioning levels. This pushed the US dollar Return on average Equity up by 200 basis points to reach 12.3%. AAIB's balance sheet continued to grow, supported by a substantial increase in deposits, reaching a total asset base exceeding $18bn. The bank said it maintained key liquidity and risk metrics comfortably above regulatory thresholds, with a capital adequacy ratio above 21%. AAIB highlighted its commitment to environmental, social, and governance (ESG) principles with the issuance of Egypt's first $500m sustainability bond, underwritten by international financial institutions. This bond represents a statement of confidence in AAIB's 'exceptional financial standing amid economic and geopolitical headwinds in the region'. Waheed said: 'Nevertheless, we remain conscious to avoid irrational exuberance, as we acknowledge that an exceptionally high global interest rate environment had uplifting effects on the international and local banking sector's financial performance – albeit limited for AAIB in comparison to EGP capital based local peers – while risk materialization remained limited.' Waheed added that with the onset of monetary easing cycles and the stabilisation of local FX markets during 2024, the bank anticipates increased competition and potential pressure on net banking income. Operating costs are expected to remain high due to years of global inflation. 'As such we continue to observe the changing market dynamics and aggravated geopolitical developments, yet confident to continue delivering market leading performance,' Mr Waheed concluded.
Argaam
27-03-2025
- Business
- Argaam
AAIB to set up branch in Saudi Arabia: Report
The Arab African International Bank (AAIB) is planning to set up a branch in Saudi Arabia, in a move to capitalize on the interest by some of Egypt's top investors in the Saudi market, Asharq Business reported, citing sources familiar with the matter. The sources said that the bank obtained the necessary regulatory approvals in Egypt, before seeking approval from the Saudi authorities. The size of the mega projects in the Saudi market and the large funds required to implement them were the main driver for investor interest and, in turn, for the bank to work on providing its services to customers in the Kingdom, they added. According to data available with Argaam, AAIB was established in 1964 as the first multinational bank in Egypt with 49.37% ownership each by the Central Bank of Egypt and Kuwait's General Investment Authority. The bank's assets amount to about $17.8 billion, while total equity stands at $2.5 billion, as of September 2024, according to the bank's financial statements.
Zawya
26-03-2025
- Business
- Zawya
Egypt-based AAIB plans to launch services in Saudi Arabia
Arab Finance: Arab African International Bank (AAIB) plans to establish a branch in Saudi Arabia to leverage Egyptian investors' interest in the Saudi market, two sources told Asharq Business. One of the sources revealed that the bank obtained the necessary regulatory approvals in Egypt before submitting a request to grant a nod from Saudi authorities. However, the Central Bank of Egypt (CBE) did not comment on the announced plans. The Kingdom's attractive mega-projects motivated AAIB to launch business in Saudi Arabia, as these businesses require significant financing. The National Bank of Egypt (NBE) and Banque Misr already have branches in the Saudi capital, Riyadh. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
