{"id":563778,"date":"2021-07-15T04:00:51","date_gmt":"2021-07-15T04:00:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/15\/my-morning-routine-james-harmon-chairman-of-the-egyptian-american-enterprise-fund\/"},"modified":"2021-07-15T04:00:51","modified_gmt":"2021-07-15T04:00:51","slug":"my-morning-routine-james-harmon-chairman-of-the-egyptian-american-enterprise-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/15\/my-morning-routine-james-harmon-chairman-of-the-egyptian-american-enterprise-fund\/","title":{"rendered":"My Morning Routine: James Harmon, chairman of the Egyptian-American Enterprise Fund"},"content":{"rendered":"

<\/a> James Harmon, chairman of the Egyptian-American Enterprise Fund:<\/strong> Each week, my Morning Routine looks at how a successful member of the community starts their day \u2014 and then throws in a couple of random business questions just for fun. Speaking to us this week is James Harmon, Chairman of the Egyptian-American Enterprise Fund (EAEF)<\/a>. Edited excerpts from our conversation:<\/p>\n

I\u2019m James Harmon, chairman of the Egyptian-American Enterprise Fund<\/strong>, a private investment fund created by the United States Congress in 2011 to help strengthen Egypt\u2019s private sector following the 2011 revolution and a sharp decline in tourism and foreign direct investment. To date, we have worked with five first-time fund managers to invest over USD 200 mn in over 75 companies that support more than 15k jobs. Our investments have helped attract USD 447 mn in FDI to Egypt.<\/p>\n

When I arrived in Cairo on my first trip in 2012, foreign investment had dried up in Egypt.<\/strong> The political crisis at the time had frightened investors. I realized early on that for us to be successful, EAEF would have to be an Egyptian-led effort. In 2014, we \u201cEgyptianized\u201d the fund by seeding a team of talented Egyptian, financial professionals to serve as our investment advisors. Today, all our portfolio managers are Egyptian and almost all members of our board of directors are Egyptian or Egyptian-American who speak Arabic and have deep private sector experience in Egypt.<\/p>\n

We made our first investment in 2015 with Fawry.<\/strong> It's the dream of every investor to hit a home run on their first investment. Fawry achieved this after becoming Egypt\u2019s largest e-payments platform that now serves close to a third of the population, and recently became the country\u2019s first \u201cunicorn\u201d when its market valuation surpassed USD 1 bn. We made our second investment in Sarwa Capital, Egypt\u2019s largest non-banking financial services provider, now known as Contact Financial, which also helps extend access to finance for Egypt\u2019s large unbanked population.<\/p>\n

An important lesson in life for those who are investors: when things look darkest, it is usually the best time to invest.<\/strong> That was true of Egypt in 2015 as demonstrated by the success of our early investments.<\/p>\n

The pandemic was similar to what we experienced when we first arrived in Egypt and the private sector needed foreign investment.<\/strong> We had to double down in our support for Egypt\u2019s private sector, much like we did in 2015. We loaned Fawry Microfinance USD 10 mn to support small and micro businesses. We agreed to take the first loss on the loan, which banks generally don't do, in order to expand additional financing to businesses impacted by the pandemic. We also co-invested in the largest healthcare operator in the Nile Delta region. Later in the year, we helped our long-time investment advisor, Lorax Capital Partners, close its first, independent investment fund by committing USD 50 mn in one of the only closings in the MENA region in 2020. `<\/p>\n

We work closely with all our companies to introduce them to US investors <\/strong>and provide capacity building and technical assistance to expand their businesses. We introduced our investee, then Sarwa Capital, to Prudential Financial, one of the largest ins. companies in the US, which is now helping expand the company\u2019s newly established life ins. business. We also helped our investee, Dawi Clinics, expand its telehealth services to reach more Egyptians during the pandemic.<\/p>\n

We\u2019re currently looking for someone to serve as EAEF\u2019s on-the-ground representative in Cairo.<\/strong> Having someone work with our portfolio companies and source new investment opportunities will help us ramp up our support to Egypt\u2019s private sector.<\/p>\n

In 2019 we started to shift our attention toward investing in high-impact development sectors such as healthcare, education, and agriculture.<\/strong> We\u2019re now considering investments in infrastructure. I serve as co-chairman of the World Resources Institute, a leading global environmental think tank, and I hope to be able to leverage their expertise to help Egypt tackle climate change and urban transport.<\/p>\n

So far we\u2019ve invested over USD 200 mn and committed almost all of the original USD 300 mn the US government allocated to the EAEF<\/strong>. The market value of our portfolio is over USD 600 mn. In my opinion, it likely exceeds USD 700 mn. Our rate of return is greater than 20% per annum and has piqued the interest of US institutions who now want to invest in Egypt.<\/p>\n

We have a staff of seven people located in New York that help oversee our investments and portfolio managers<\/strong>. As prescribed by our legislation, EAEF\u2019s board of directors must consist of six US citizens (currently, three of the six are Egyptian-American) and three Egyptian citizens. Previously, our staff traveled to Egypt quarterly but now many meetings have moved to Zoom because of covid. We are planning to begin traveling to Egypt soon. Our team in New York helps monitor EAEF\u2019s finances, measure our development impact and manage relationships with stakeholders in Egypt and the US We are now beginning to market Egypt to US institutions and family investment offices.<\/p>\n

Getting back the time previously spent travelling and commuting has been convenient, <\/strong>although It's always better to be with people and build relationships. I would say we\u2019ve improved our level of communication with Cairo and calls with our portfolio managers have increased significantly. We\u2019ve been able to increase communication among our team because we are on the phone every morning reviewing what we are working on.<\/p>\n

Not everyone is eager to return to the office full-time after a year working from home.<\/strong> We are working in the office one day a week and as needed to accommodate in-person meetings and partners traveling from Egypt. We will begin two days a week in September. Like many companies we are navigating a hybrid work model that aims to be flexible and most efficient for our organization.<\/p>\n

Our challenge today is to employ the additional capital we have remaining into investments that improve Egyptians\u2019 quality of life<\/strong> and support the country\u2019s socio-economic development. We are recalibrating our strategy and are eager to support more fund managers in Egypt.<\/p>\n

I personally managed to write a book during lockdown that will be published sometime in November 2021<\/strong>. It's a memoir I\u2019ve named \u201cUp and Doing,\u201d which is a phrase that comes from a poem my father would wake my sister and me up with every morning when we were children called \u201cA Psalm of Life\u201d by American poet Henry Wadsworth Longfellow. The main theme of the poem is making the most out of life. I would never have had the time to write this book if it wasn\u2019t for covid.<\/p>\n

I usually wake up at 7 am and the first thing I do every morning is stretch<\/strong>. Over years of playing tennis, I've sustained minor injuries, so I stretch and do some exercises in the morning to stay fit. The second thing I do is check emails and read Enterprise, the New York Times, and the Financial Times. When the weather is warm, I swim laps in my pool and eat a light breakfast with fruit and vegetable juice. After that it\u2019s calls or Zoom meetings for the rest of the day.<\/p>\n

This past year I've spent two to three hours a day writing my book.<\/strong> At some point in the late afternoon, I work out again, have dinner and spend some time reading in the evenings before bed. During the weekend I like to play golf and tennis. I also have a little vegetable garden that I maintain as a hobby. There's nothing better than going outside and picking your own tomato.<\/p>\n

Although I\u2019m a lifelong reader, I haven't read as much as I normally do this year<\/strong>. Recently I read Barack Obama\u2019s autobiography, \u201cA Promised Land.\u201d As our nation\u2019s first African American president, he is an important historical figure and someone I am lucky to know personally. Another book I enjoyed is Peter Hessler\u2019s \u201cThe Buried: An Archaeology of the Egyptian Revolution.\u201d It was an interesting read that provided rich insight into the lives of ordinary Egyptians.<\/p>\n

The best piece of advice I\u2019ve ever received was from my father<\/strong> who said, \u201cyou learn more by listening than from talking.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

James Harmon, chairman of the Egyptian-American Enterprise Fund: Each week, my Morning Routine looks at how a successful member of the community starts their day \u2014 and then throws in a couple of random business questions just for fun. Speaking to us this week is James Harmon, Chairman of the Egyptian-American Enterprise Fund (EAEF). 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The EAEF acquired a majority stake in Egyptian seed company Misr Hytech with Helios Investment Partners, and made its debut in the education sector with the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576103,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/10\/eaef-remains-committed-to-supporting-egypts-private-sector-through-the-pandemic-chairman\/","url_meta":{"origin":563778,"position":1},"title":"EAEF remains committed to supporting Egypt\u2019s private sector through the pandemic -chairman","author":"enterpriseam admin","date":"10 November 2020","format":false,"excerpt":"The Egyptian-American Enterprise Fund (EAEF) remains \u201ccommitted\u201d to supporting the Egyptian private sector through the current crisis, and views the pandemic as an occasion to double down on its investment strategy, Chairman James Harmon wrote in a letter (pdf) to shareholders. Harmon announced that the EAEF joined Ezdehar to acquire\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":582154,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/eaef-wants-to-invest-up-to-usd-50-mn-in-egypt-this-year\/","url_meta":{"origin":563778,"position":2},"title":"EAEF wants to invest up to USD 50 mn in Egypt this year","author":"enterpriseam admin","date":"2 March 2023","format":false,"excerpt":"EAEF looking to reinvest Auf Group sale proceeds in our food, healthcare + agriculture sectors: The Egyptian-American Enterprise Fund (EAEF) plans to reinvest some of the proceeds from its sale of a stake in local snackmaker Auf Group in local businesses and funds, Vice President Cornelius Queen told us yesterday.\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/EGP-1600-px-1-1.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587704,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/eaef-marks-10-years-and-more-than-usd-250-mn-of-investment-in-egypt\/","url_meta":{"origin":563778,"position":3},"title":"EAEF marks 10 years and more than USD 250 mn of investment in Egypt","author":"enterpriseam admin","date":"31 May 2023","format":false,"excerpt":"The fund is planning to deploy another USD 100 mn this year","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/527.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605290,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/27\/egyptian-american-enterprise-funds-success-should-encourage-the-establishment-of-similar-funds-elsewhere\/","url_meta":{"origin":563778,"position":4},"title":"Egyptian-American Enterprise Fund\u2019s success should encourage the establishment of similar funds elsewhere","author":"enterpriseam admin","date":"27 December 2018","format":false,"excerpt":"The success of the Egyptian-American Enterprise Fund (EAEF) should encourage the US to set up similar funds as a tool of foreign policy, EAEF Chairman James Harmon writes for the Hill. The EAEF, which was established in 2013 under former US president Barack Obama, has invested in multiple companies in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597991,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/12\/eaef-makes-its-first-investment-in-egypts-education-sector-with-significant-minority-stake-acquisition\/","url_meta":{"origin":563778,"position":5},"title":"EAEF makes its first investment in Egypt\u2019s education sector with significant minority stake acquisition","author":"enterpriseam admin","date":"12 May 2019","format":false,"excerpt":"M&A WATCH- EAEF makes its first investment in Egypt\u2019s education sector: Our friends at the Egyptian-American Enterprise Fund (EAEF) have acquired a significant minority stake in education management company Advanced Education for the Establishment, Management, and Ownership of Educational Facilities, according to a press release (pdf). 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