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Tuesday, 28 August 2018

Credit Suisse is bullish on Egypt, economic recovery pushed along by tailwinds next year

Credit Suisse is bullish on Egypt, sees tailwinds for economic recovery: Egypt’s economic growth cycle still has “several years ahead to go,” but next year is expected to bring tailwinds to our economic recovery, Credit Suisse Group AG head of Middle East research Fahd Iqbal tells Bloomberg TV. The most important of these tailwinds, Iqbal says, is Egypt’s anticipated transformation into a natural gas exporter, from being a net importer currently. Tourism is also expected to continue picking up next year, further stimulating growth.

As for asset allocations, Iqbal sees there remains a healthy window in Egypt for asset managers. Prior to the 2011 revolution — “when Egypt was in its heyday” — asset managers held more than double Egypt’s benchmark weight, he says. There is now more of “an allocation upside” as recovery and growth continue to pick up steam. You can check out the full interview here (watch, runtime: 4:10).

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