Commercial International Bank (CIB) 1
• CEO and Managing Director: Hussein Abaza
Market Value: $5.2 billion Sales: $2.1 billion Profits: $523 million Assets: $20.6 billion CIB was established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank. Today, it employs 7,700 people and serves two million customers across 190 branches and 21 units. In January 2023, CIB acquired the remaining 49% stake of Mayfair CIB in Kenya for a total transaction value of $40 million. CIB has several subsidiaries, including CVentures, Damietta Shipping, and Commercial International for Finance. In April 2022, Alpha Oryx Limited—a subsidiary of the U.A.E.’s ADQ— acquired an 18.6% stake in CIB for $987.5 million.
2
QNB ALAHLI
3
Telecom Egypt
• CEO: Mohamed Mahmoud Bedeir
• Managing Director and CEO: Mohamed Nasr Eldin
Market Value: $1.3 billion Sales: $1.6 billion
Market Value: $1.3 billion Sales: $1.4 billion
Profits: $335 million Assets: $15.6 billion
Profits: $297 million Assets: $3.9 billion
In 2013, Qatari QNB Group acquired the majority stake in Egypt’s NSGB Bank and changed its name to QNB ALAHLI. Today, it owns a 94.97% stake in QNB ALAHLI. It provides services to 1.4 million customers through a network of 232 branches, 893 ATMs, and 56,000 POS. QNB ALAHLI has four subsidiaries: QNB ALAHLI Leasing, QNB ALAHLI Life Insurance, QNB ALAHLI Factoring and QNB ALAHLI Asset Management Egypt Company. In March 2023, QNB ALAHLI launched its first green retail-financing program in cooperation with the European Bank for Reconstruction and Development, the European Union, and the Green Climate Fund.
Telecom Egypt provides mobile, fixed lines, and data services. The company owns 45% of Vodafone Egypt. In January 2023, it received approval from the National Telecom Regulatory Authority to obtain an additional 5MHz of spectrum in the 1,800MHz band for $125 million. In June 2022, Telecom Egypt signed six new commercial and strategic agreements with Etisalat Misr worth $549.5 million. In May 2023, the Egyptian government sold an additional 9.5% stake in Telecom Egypt in the secondary market for $121.2 million, bringing its ownership down to 70%.
Sector: Banking and financial services
Banking and financial services F O R B E S M I D D L E E A S T.C O M
Sector: Telecommunications
Companies
Total market value
Total sales
Total profits
Total assets
12
$9.6 billion
$7.5 billion
$1.5 billion
$69 billion JUNE 2023
IMAGES FROM SOURCE
EGYPT’S TOP 50 LISTED COMPANIES
72
Sector: Banking and financial services
