Forbes, the international business magazine, has included the Commercial International Bank-Egypt (CIB) in its annual list of the strongest companies in the Arab world, for the year 2015.
The CIB’s market value amounted to $6.3bn, with its assets estimated at approximately $20bn.
Forbes’ annual list included 19 Egyptian companies, with a market value estimated at approximately $25.4bn, with assets at $69.6bn, revenues at $15.1bn, and net profit at $2.1bn.
According to financial and economic experts at Forbes, amongst 10 financial markets included in the mentioned list, only Egypt and Morocco have managed to develop over the past year by the percentages of 30% and 5%, respectively. They added that this is a good indicator, especially for Egypt, which is still recovering from its political instabilities.
“The CIB succeeded in topping the 19 Egyptian companies in the list of the international magazine Forbes for 2015. This strongly indicates that Egypt is on the right track. It also indicates that Egyptian entities are capable of success regardless the surrounding circumstances. Any improvement that Egypt witnesses will positively and directly affect the entities’ performance”, said Hisham Ezz Al-Arab, CIB’s Chairman and Managing Director.
He added that the position of Egyptian entities is growing year-on-year. It is very possible that these numbers would change over the next year, especially under the umbrella of the economic changes that Egypt is witnessing. These changes will raise Egypt’s development rates as well as its investment opportunities, especially after the opening of the New Suez Canal, implementing Economic Summit’s projects, and witnessing their realistic results.
The banking and financial services sector topped the above mentioned list, with 78 entities, which is twice the number from the industrial sector which acquired second position, with 35 companies. Both the construction and real estate sectors came in third position, with 18 companies.