UAE Banks Initiation | Positive on Dubai ahead of Expo 2020; Abu Dhabi in consolidation mode
Economic backdrop weighs on short-term growth, mainly in Abu Dhabi. UAE targets a balanced budget by 2018 (vs. a deficit of 3.5% in 2016e) through further fiscal discipline. The impact of the front-loaded fiscal consolidation measures undertaken mainly in Abu Dhabi during 2015-16 should continue to take a toll on government spending and growth during 2017. We expect volume growth for UAE banks in 2017 to be selective and confined to Dubai, in line with the 27% y-o-y budgeted increase in the emirate’s infrastructure expenditure and banks’ strategies for the year.
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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