De-merging, at strategic times for Egypt
Egypt presents quality growth. We estimate OC’s new awards during 2014 at USD4.8bn, leaving 2014e closing backlog at a record USD5.7bn, up c48% y-o-y. Of these awards, we believe 25% came from Egypt although the 1H period was slow. Because Egypt, where contracting capacity is scarce, has an urgent need to deliver infrastructure projects, key contracts can be awarded without a bidding process, suggesting favourable terms. Greater stability could also lead investors to reverse USD63bn worth of projects on hold—adding 45% to the existing pipeline, or 80% to work underway. We expect strong award momentum for OC in Egypt through to 2017, driving in excess of 70% of yearly additions. We view the risk (receivables, 60 days) vs. return (EBITDA margins >13%) profile of projects in Egypt as the most attractive relative to OC’s other MENA markets.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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