{"id":652499,"date":"2017-01-11T03:40:42","date_gmt":"2017-01-11T03:40:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/11\/raouf-ghabbour-ceo-gb-auto\/"},"modified":"2017-01-11T03:40:42","modified_gmt":"2017-01-11T03:40:42","slug":"raouf-ghabbour-ceo-gb-auto","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/11\/raouf-ghabbour-ceo-gb-auto\/","title":{"rendered":"Raouf Ghabbour, CEO, GB Auto"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> Raouf Ghabbour is one of our favorite people. Brilliant, passionate and creatively (and wonderfully) profane when called for, he is the distillation of all that makes a great entrepreneur. He\u2019s at ease with cross-border negotiations, has repeatedly proven his ability to deliver greenfield projects, and built a business in an active war zone (he\u2019s the Hyundai distributor for Iraq). But his favorite business tool? That would be the old-fashioned calculator that literally sits at his right hand. Ghabbour, who began his career in his family\u2019s automotive business and made his name in its tire division, has transformed his company from a one-trick pony \u2014 at the time of its IPO, it was (and remains) the sole Egyptian assembler and distributor of Hyundai passenger cars \u2014 into a diversified group that assembles, manufactures and distributes cars, buses, trucks, motorcycles, three-wheelers (tuktuks), tires and more in partnership with global OEMs. Whether it\u2019s building the region\u2019s the first fully robotic paint shop or launching a greenfield financing arm that works with everyone from the largest of corporations down to the humblest tuktuk driver, GB Auto has proven it can execute on its founder\u2019s strategy. Edited excerpts from our conversation:<\/p>\n<p><strong>2017 will be the year of adaptation to a new reality. <\/strong>It\u2019s as if we\u2019re kicking an addiction \u2014 to subsidies, to cheap energy, to an artificially overvalued currency \u2014 and now, all of a sudden, we\u2019re having withdrawal symptoms. There\u2019s no more drugs.<\/p>\n<p><strong>The best-performing sector next year will be healthcare. <\/strong>Hospitals, not pharma \u2014 the pharma guys face too much pressure with price controls. I\u2019d also keep an eye on education. And food.<\/p>\n<p><strong>The biggest issue our industry will face is without a doubt working capital. <\/strong>Across the industry, our working-capital requirements have more than doubled in EGP terms, our input costs are rising and we\u2019re all going to have to increase payroll to ensure staff can cope with inflation: Medical, transport, cars, food \u2014 everything is rising in price. We see the business climate will be challenging in the first half of the year and that we\u2019ll be facing cost pressure at the same time, so it\u2019s going to be all about working capital.<\/p>\n<p><strong>If the average wage rise was 10% in the past, then we need to be looking at 15-20% this year. <\/strong>And the salary increases shouldn\u2019t be across-the-board: You\u2019re going to need to give larger raises to give protection to lower-wage earners, then it tapers down the more senior the person is.<\/p>\n<p><strong>2017 is going to be a year of opportunity. <\/strong>The opportunity to grab new representations, because weaker players won\u2019t be able to cope. It will also be a great opportunity in terms of hiring. I believe there will be companies that won\u2019t be able to adjust their salaries to ensure their people are comfortable, so you\u2019ll see good talent looking for new opportunities.<\/p>\n<p><strong>What new business would I start today?<\/strong> I\u2019m too old to think outside my business. [laughs] Really. As long as your business has growth opportunities, why would you look outside that? I\u2019m passionate about what I\u2019m doing. I would diversify \u2014 I\u2019ll look at new segments within our financing business that serve the core business or in which we have developed expertise. I\u2019ll definitely look at expanding into manufacturing to reduce my foreign currency needs. Just going into body-part stamping, rims and tire manufacturing would give me 20% of the cost of a vehicle right there.<\/p>\n<p><strong>Luxury products will underperform in 2017.<\/strong> Any product at the higher end of the price range is going to suffer. Listen, I am not that concerned. The hiccup we\u2019re facing is less about \u201cpeople do not have money\u201d and more about \u201cconsumers need to mentally cope with price increases.\u201d It\u2019s more psychological than financial, and the more we can pull the gray economy into the formal economy, the faster consumer sentiment will improve. Consumers need six to eight months to adapt to the notion that what they used to buy for EGP 100k is now EGP 220k.<\/p>\n<p><strong>What am I tracking on the legislation or regulatory front?<\/strong> The automotive directive, of course. And taxation. The most anti-investment thing we could do right now would be a corporate tax increase. The government needs to grow the tax base by pulling-in the 95% of companies and white collar professionals who are not paying taxes and making them part of the system. I have confidence our Finance Minister is not looking at a tax increase. We also need a sensible investment law with solid tax and investment incentives for the industries we\u2019re looking to attract, such as automotive manufacturers and pharma manufacturers in the Suez Canal Economic Zone.<\/p>\n<p><strong>There will definitely be an uptick in IPO and M&A activity this year. <\/strong>There are businesses out there that need financing, and they\u2019ll look to sell equity rather than take on debt, because the cost of debt is simply too high. And there will definitely be M&A opportunities \u2014 there always are in stormy times.<\/p>\n<p>It\u2019s a question of timing: <strong>Do you buy in when an opportunity is on offer, or do you wait until it goes underwater and then take it? <\/strong>That\u2019s a different question.<\/p>\n<p><strong>What\u2019s my banker asking me?<\/strong> Nothing. If I was a banker, I would be the happiest person on earth. They make a fortune. Two institutions are making the money in Egypt now: The banking sector and the customs authority, with all of the demurrage and storage fees. For the past 24 months, banks are taking a 2% allocation fee and a 1.5% fee to open an LC. That\u2019s 3.5% straight to them, and they don\u2019t lift a finger. The central bank needs to interfere \u2014 we\u2019re being strangled by the prices banks are charging their clients. And that\u2019s before the impact of the interest rate hike.<\/p>\n<p><strong>My message to the rest of the business community is simple: We all need to think about local added value.<\/strong> We need to manufacture. It\u2019s difficult, but I think the float of the EGP is the best decision a policy maker has made since I joined the business in 1977. I\u2019m living a dream \u2014 I\u2019ve literally been dreaming about a free float since the 1970s. It\u2019s brilliant, because the only way out is to work harder, to cut imports and to produce more here. We were spoiled by relying on tourism revenues and remittances and Suez Canal revenues. It\u2019s time we took responsibility for ourselves.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Raouf Ghabbour is one of our favorite people. Brilliant, passionate and creatively (and wonderfully) profane when called for, he is the distillation of all that makes a great entrepreneur. He\u2019s at ease with cross-border negotiations, has repeatedly proven his ability to deliver greenfield projects, and built a business in an active war zone (he\u2019s the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":652500,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12058],"tags":[72,12057],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-652499","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-2017-enterprise-ceo-poll","tag-enterpriseam","tag-the-2017-enterprise-ceo-poll","wpautop","entry"],"acf":{"mongo_id":"8160ba49-bb51-4ab0-9a1c-edc75c2917d1","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2017\/1\/899.jpg","photo_position":"above","related_issue":[652485],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Raouf Ghabbour, CEO, GB Auto - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/11\/raouf-ghabbour-ceo-gb-auto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Raouf Ghabbour, CEO, GB Auto\" \/>\n<meta property=\"og:description\" content=\"Raouf Ghabbour is one of our favorite people. 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We\u2019re running interviews with 13 top corporate leaders all week long \u2014 alphabetically by last name \u2014 in the place of our industry news roundups, which will return next week. The format: Each CEO answered roughly the same set of questions, tailored only\u2026","rel":"","context":"In &quot;IT\u2019S CEO WEEK AT ENTERPRISE&quot;","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":652519,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/our-first-enterprise-ceo-poll-ends-today\/","url_meta":{"origin":652499,"position":2},"title":"Our first Enterprise CEO Poll ends today","author":"enterpriseam admin","date":"12 January 2017","format":false,"excerpt":"** The Enterprise CEO Week ends this morning. 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 &quot;IT\u2019S CEO WEEK AT ENTERPRISE&quot;","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":577316,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/17\/mohamed-naguib-ibrahim-appointed-gb-auto-chairman-following-raouf-ghabbours-passing\/","url_meta":{"origin":652499,"position":3},"title":"Mohamed Naguib Ibrahim appointed GB Auto chairman following Raouf Ghabbour\u2019s passing","author":"enterpriseam admin","date":"17 November 2022","format":false,"excerpt":"Mohamed Naguib (LinkedIn) succeeds the late Raouf Ghabbour as the non-executive chairman of GB Auto, the company said in an EGX disclosure (pdf) yesterday. Ghabbour, a leading figure in the business community, passed away last week aged 69 after a long battle with cancer. Naguib has served on the boards\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598256,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/20\/govt-understands-the-importance-of-egypts-automotive-strategy-but-lacks-the-correct-vision-says-raouf-ghabbour\/","url_meta":{"origin":652499,"position":4},"title":"Gov\u2019t understands the importance of Egypt\u2019s automotive strategy but lacks the correct vision, says Raouf Ghabbour","author":"enterpriseam admin","date":"20 May 2019","format":false,"excerpt":"Ghabbour says gov\u2019t lacks vision for the automotive industry: The Madbouly Cabinet\u2019s economic group has made it clear that it wants to come up with a strategy to encourage automotive manufacturing in Egypt, but it\u2019s being held back by a lack of vision for the sector, GB Auto Chairman Raouf\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":652581,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/15\/did-you-miss-ceo-week-at-enterprise\/","url_meta":{"origin":652499,"position":5},"title":"Did you miss CEO Week at Enterprise?","author":"enterpriseam admin","date":"15 January 2017","format":false,"excerpt":"Did you miss any of our CEO interviews? Last week was our first Enterprise CEO Week, and based on your response, we\u2019re going to make it a semi-annual feature. In the meantime, the roster of participants, just in case you missed an interview: Karim Awad (EFG Hermes)Ahmed Badr (Renaissance Capital)Ahmed\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/652499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=652499"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/652499\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/652485"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/652500"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=652499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=652499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=652499"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=652499"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=652499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}