MOHAMED S. YOUNES
Chairman of Concord International Investments Group
Finance / Egypt
“Egypt is a very good base for Asian investment”
The New York-based Concord Group, an SEC registered investment management company, is one of the leading fund managers of Egyptian securities in the world. Founded in 1988, the group manages investment portfolios and mutual funds amounting to approximately $1.6 billion worldwide, of which $1.3 billion are currently invested in Egyptian equities. We spoke to its Chairman, Mohamed Younes.
How do you view Egypt’s economic situation?
Foreign and domestic investment has slowed down, but we believe this to be temporary. Egypt has major attractions and therefore its tourism industry is very strong. It has been an extremely powerful engine of growth for the economy.
What are levels of investor confidence in the country like?
Fundamentally, there is a strong interest in Egypt. The Egyptian Exchange continues to perform well. Egypt’s position is very unique. It is the only country to have maintained its borders for 5,000 years. As a result, it has had a vast influence in the area, which its economy is continuing to maximize.
How do you view the attraction of Asian capital to Egypt?
Egypt is a very good base for Asian investment in the region, especially with Egypt’s strong relationships within Africa and across Europe. Asian investors first need to familiarize themselves with the Egyptian market. We can help them do that.
What is the potential for Concord Investments in Asia?
We have yet to scratch the surface. We have one fund in Japan that has invested here exclusively. There is tremendous potential. In fact, we are now about to launch a major fund of between $200 and $250 million to invest in private equity in Egypt.
What do Chinese investors need to know about Egypt?
The Chinese need to speak to people who have already made investments here. The first step for them is to come to Egypt. Come and see for yourself. See and experience Egypt, and then decide.
