{"id":600650,"date":"2019-02-05T04:35:05","date_gmt":"2019-02-05T04:35:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/elwy-taymour-co-founder-group-chairman-and-ceo-pharos-holding\/"},"modified":"2019-02-05T04:35:05","modified_gmt":"2019-02-05T04:35:05","slug":"elwy-taymour-co-founder-group-chairman-and-ceo-pharos-holding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/05\/elwy-taymour-co-founder-group-chairman-and-ceo-pharos-holding\/","title":{"rendered":"Elwy Taymour \u2014 co-founder, group Chairman and CEO, Pharos Holding"},"content":{"rendered":"

<\/a> Elwy Taymour is a veteran of the finance industry<\/b> and the son of one of the man who helped create the sector<\/a> on a hot August day in 1980, not long after President Anwar Sadat opened the door to private sector participation. With over 26 years in the industry under his belt at home and abroad, Taymour (LinkedIn<\/a>) cut his teeth in brokerage and investment banking at Merrill Lynch and EFG Hermes. He was a vice president at Auerbach Grayson & Co. in New York, where he was responsible for selling assets in regional markets as well as running the syndication desk for all GDR transactions in the US market. Taymour is also a veteran of LinkDotNet, where he was chief financial officer, and was founder and managing director of ArabFinance, the online trading platform.<\/p>\n

2018 was a year of anticipation and of gearing up for growth.<\/b> For Pharos, we built a proper base for growth in anticipation of what is coming for us in 2019. It was an important year in terms of putting in place the right organizational structure, which mostly entails hiring the right caliber of people. 2018 was definitely more stable than, say, 2016<\/b> \u2014we had a better vision of where things are going, which made us better able to prepare.<\/p>\n

2019 will be a year of transformation for the company. <\/b>We\u2019re anticipating growth, and we\u2019re adding new and more interesting lines of business. We\u2019re anticipating better market conditions. So, for us as a company, it will be transformational \u2014 one in which we will go from just being an investment bank to a non-banking financial services provider. We\u2019re moving into very interesting things \u2014 microfinance, leasing, private equity, and renewables \u2014 that can add value to the market. We\u2019re also investing more in technology, as opposed to brick and mortar business: Everything will be more dependent on AI, machine learning, and algorithms, which will help us make the right decisions. The conventional approach of just going to villages, neighborhoods, and suburbs to get to know the people there and lend money is going to be replaced. It\u2019s a growing pie.<\/p>\n

Our biggest challenge this year is also our biggest opportunity<\/b>. We see the opportunity clearly, but the challenging part is moving quickly.<\/p>\n

On the performance on the wider economy I think it\u2019s going to be better despite the challenges. <\/b>Inflation is still high, and that eats away at growth, but that will hopefully start abating this year 2019. I think our estimate is that probably sometime in 2Q or 3Q0219 you will find that inflation \u2014 which has been persistently over 20% \u2014 is going to go down or stabilize, not necessarily to the single digits, but in the 13-14% range. So we\u2019re quite bullish about Egypt in general in 2019<\/b>.<\/p>\n

And Egypt will benefit from the turnaround in sentiment on emerging markets<\/b> \u2014 we will be able to kick start the privatization program. I think the government is looking to get the program off the ground in 1Q2019, which is reasonable. The program itself is pretty substantial; some of the 20 companies in the first wave are quite large and will be a significant addition to the market. Investors will start looking at Egypt once again after its market had shrunk significantly, both in terms of market size and traded volume per day. There will likely be an uptick in private sector IPOs, as suspended plans begin to see the light again. If more private sector IPOs come to the market alongside the privatization program \u2014 and companies start trading significantly \u2014 the market will start to look appealing again to EM investors.<\/p>\n

M&A obviously come with IPO activity<\/b>. So as market conditions improve and there\u2019s more movement, the M&A scene will also improve.<\/p>\n

For 2019, we\u2019re basing our compensation policy mainly on merit and market norms.<\/b> We conducted a market study to get an idea of how we should be compensating our employees, but we also look at merit to see who deserves salary adjustments, not just one-off increases. If they\u2019re overachievers, they should receive the normal annual raise increment, plus probably a multiple of what they\u2019re taking.<\/p>\n

Has our business been constrained by high interest rates? For sure.<\/b> If the interest rates were at 9%, for example, that would have been much better from our standpoint than having to pay the bank some 20%.<\/p>\n

But we do expect rates to come down in 2019. <\/b>As inflation starts to abate \u2014 probably by 2H2019 \u2014 the central bank will start to ease its monetary policy, and we expect rates will go down this year. There will still be a few inflationary shocks this year, between the lifting of energy subsidies and some lingering tightness in EMs in general. But things will likely get better by the second half of the year.<\/p>\n

I am investing in my business<\/b> \u2014 shoring it up not just in terms of money, but also human capital, in addition to the new lines of business we\u2019re looking to get into. We\u2019re looking to start our private equity business, through which we will be investing in things such as renewable energy, and fintech companies. These ventures are related to what we already do, but remain new, so we\u2019re exploring things that we do not quite understand yet \u2014 perhaps not as much as other people do.<\/p>\n

How much of an issue was inflation in 2018? <\/b>Inflation eats away and suffocates the business. As a company largely dependent on human capital, we have to pay salaries that will retain talent, so inflation prompts salary adjustments that eat into our margins. We also rely on USD-based tools like Bloomberg and Reuters screens, so the EGP devaluation caused these costs to shoot up on our balance sheet. The currency float was necessary, but costs and profitability were affected.<\/p>\n

I like non-banking financial services in 2019.<\/b> Some 70% of Egypt\u2019s population is unbanked, and providing services such as loans for this large slice of the pie is quite significant. This market will continue growing at an increasingly fast rate. Tourism <\/b>will also pick up where it left off in 4Q2018 and will do quite well this year.<\/p>\n

Who will have a challenging 2019? Businesses that are heavily dependent on imported inputs<\/b> will continue to suffer. The banking sector<\/b> will also suffer somewhat with the new tax treatment of income from treasury bills; many banks are investing significant portions of their balance sheets in T bills, and their profitability will take a hit with the new treatment. Obviously, number three is real estate<\/b>; there is an oversupply in the market, recovering from that will take some time.<\/p>\n

Good things have been done in terms of regulating the market, but we are a bit behind in other aspects.<\/b> I am singling out digitization. We\u2019re talking about an economy that\u2019s looking at digitization to serve the underserved, right? We\u2019re looking at mobile lending and payments, e-wallets, all of these nice buzzwords that everybody wants to use. I think we are not moving as fast as should be the case. If you look at places like Africa, for instance: Kenya, Uganda, Nigeria, and South Africa are all years ahead of us when it comes to digitization. So, there\u2019s an issue there.<\/p>\n

Egypt is going through a period of change.<\/b> We\u2019re starting to finally see this period bearing fruit. I am quite happy with Egypt versus other economies in the region; we\u2019re growing faster than many of them, so I\u2019m happy to be investing in Egypt. I look at other countries and see that Egypt, in terms of growth prospects, is better. When you find the Chinese coming to invest in Egypt, that should tell you something.<\/p>\n

If I were to start a new business today, I would probably look at tourism. <\/b>I don\u2019t know anything about it, but I see there\u2019s a massive opportunity going forward. I think Tourism Minister Rania Al Mashat has been doing a great job \u2014 she\u2019s seeing the industry as a money maker, and she\u2019s looking at the sector as a whole instead of just picking out bits and pieces. It is unfathomable to me that Egypt\u2019s tourist arrivals fail to cross the 14 mn mark, whereas places with a fraction of Egypt\u2019s population are getting more visitors.<\/p>\n

Emerging market sentiment greatly impacts our industry: <\/b>We depend a lot on EMs, in general. Our industry as it stands right now is significantly dependent on global money moving in and out of EMs. Whether Egypt is doing well or not is important, but at the end of the day, money is not going to come if EMs are not in the limelight. That\u2019s the problem.<\/p>\n","protected":false},"excerpt":{"rendered":"

Elwy Taymour is a veteran of the finance industry and the son of one of the man who helped create the sector on a hot August day in 1980, not long after President Anwar Sadat opened the door to private sector participation. 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He says the transactions range from M&As to IPOs and capital increases for companies \u201coperating in 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":652540,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/elwy-taymour-ceo-pharos\/","url_meta":{"origin":600650,"position":1},"title":"Elwy Taymour, CEO, Pharos","author":"enterpriseam admin","date":"12 January 2017","format":false,"excerpt":"Elwy Taymour is the founder of Pharos, the full-fledged investment bank and top-ranked Egyptian brokerage that\u2019s particularly well-known for its advisory practice, which has handled some of the most interesting M&A transactions in recent years. 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With today\u2019s installment, we\u2019ll have had 13 top executives offering their view on what to expect in 2017, and we\u2019d like to thank both the 13 execs who\u2019ve taken time out of very busy days to join us as well as all\u2026","rel":"","context":"In "IT\u2019S CEO WEEK AT ENTERPRISE"","block_context":{"text":"IT\u2019S CEO WEEK AT ENTERPRISE","link":"https:\/\/enterpriseam.com\/egypt\/category\/its-ceo-week-at-enterprise\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648550,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/06\/mohamed-taymour-a-godfather-of-egypts-second-golden-age-of-finance-dies-at-age-75\/","url_meta":{"origin":600650,"position":3},"title":"Mohamed Taymour, a godfather of Egypt\u2019s second golden age of finance, dies at age 75","author":"enterpriseam admin","date":"6 April 2017","format":false,"excerpt":"Mohamed Taymour (1942-2017). 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