Russian investment bank Renaissance Capital says it will open an office in Egypt this year as it seeks to expand in the region.
It will be the second office in the Middle East and North Africa for the firm, which already has a presence in the Dubai International Financial Centre.
“I am delighted to confirm that the Renaissance Capital office is due to open [in Egypt] this year, pending all relevant regulatory and other authorities’ approval,” said Ahmed Badr, chief executive for the MENA region.
The company says it was the second largest foreign broker in Egypt in terms of turnover last year. According to a statement, Renaissance Capital forecasts the Egyptian economy will grow 3% this year and anticipates the growth rate to rise to 6% the following year.
Renaissance Capital already has offices in South Africa, Kenya and Nigeria.
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