Saudi macro update I Government reshuffle bodes well; budget deficit revised up to 19% of GDP in 2015
The latest governmental changes further bolster the king’s position. As part of 34 royal decrees announced on 29 Jan, King Salman made a number of key changes in the government. He appointed new ministers of Agriculture, Education, and Information, as well as new heads of both the Capital Market Authority and Intelligence Services. The ministers of Petroleum, Labour, Finance, and Foreign Affairs retained their posts, reflecting the continuity of the government’s long-term economic strategy. As expected, the late king’s son Prince Miteb bin Abdullah was kept as Head of the National Guard. However, two other sons of the late king were removed from their posts and replaced by Prince Faisal bin Bandar as Riyadh governor and Prince Khaled bin Faisal as Mecca governor—both governorships which have historically held significant influence in shaping policy. The king further solidified power in the government by appointing his son Mohammad bin Salman the current Defence Minister and Head of Royal Court as President of the Council of Economic and Development Affairs. His other son, Prince Abdulaziz bin Salman, was also appointed Deputy Oil Minister. These appointments reflect a consolidation of the Sudairi clan’s political dominance going forward.
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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