{"id":652540,"date":"2017-01-12T03:57:36","date_gmt":"2017-01-12T03:57:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/elwy-taymour-ceo-pharos\/"},"modified":"2017-01-12T03:57:36","modified_gmt":"2017-01-12T03:57:36","slug":"elwy-taymour-ceo-pharos","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/elwy-taymour-ceo-pharos\/","title":{"rendered":"Elwy Taymour, CEO, Pharos"},"content":{"rendered":"

<\/a> 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. A quick thinker on markets and the economy, Taymour has earned our respect for his entrepreneurial approach to finance. Yes, he was CFO at LinkDotNet, Vice President at Auerbach Grayson & Co in New York, and worked at Merrill Lynch and EFG Hermes. But in addition to building Pharos, Elwy is also the founder of ArabFinance, the regional financial website offering online trading to the Egyptian market \u2014 and the first sponsor of Enterprise. To him, the last word. Edited excerpts from our conversation:<\/p>\n

2017 will be fundamentally binary. <\/strong>It\u2019s going to be the year in which we discover the fruits of a very hard decision that simply had to be taken and \u2014 we would hope \u2014 see a lot of money coming into the economy and positively impacting indicators across the board. Or it will be the year everything collapses. I don\u2019t see anything in between, and I do think that the former will happen. The government is very serious about the program they are implementing and they know that any U-turn would be catastrophic.<\/p>\n

The biggest challenge for the economy?<\/strong> I actually think there are two. The first is inflation<\/strong>, particularly imported inflation. It will take time for local manufacturers and products \u2014 neglected for a substantial period of time \u2014 to substitute for USD-denominated imports. This will eat into disposable incomes and lead to a slowdown in the economy. That\u2019s the biggest challenge. The second is the risk of a U-turn on policy<\/strong> as a result of social pressure arising from very necessary economic reforms. We were a welfare state, and the sense of entitlement really compounded the matter. We think the government should give us everything \u2014 and we give nothing in return.<\/strong><\/p>\n

The biggest challenge for our industry is convincing foreign investors that the government \u2014 which is demonstrably moving in the right direction \u2014<\/strong> is serious about reform. <\/strong>It\u2019s out of my control, and it\u2019s really unpleasant for that. But think about it: My industry is fundamentally reliant on investors coming into the economy, whether that\u2019s promoting a greenfield investment, an M&A transaction, or hot money coming into treasuries and the stock market. I think the term \u201chot money\u201d is seen as a negative, but it\u2019s a positive: Look at February 2010, when we had USD 11 bn in the stock market and treasury bills \u2014 and that was a constant feature of the landscape as people came in and out.<\/p>\n

The biggest opportunity is the reforms themselves. <\/strong>With no U-turn and so long as the government remains serious about being business-friendly, this market could double or triple in size.<\/p>\n

Yes, everyone is talking about salary rises, but how you tackle it is colored by where you see inflation going. <\/strong>Is it primarily imported inflation? Is it a one-off? Employees are expecting a lot \u2014 disposable income is down, and prices, from schools to food, are up. The challenge for us is that we generate revenues in EGP. We need to see the reforms bear fruit, and that\u2019s what\u2019s going to allow us to raise salaries, so we\u2019re looking at a mix of salary increases and bonus compensation. Salaries will increase 10-15%, but we\u2019ll supplement that with bonus compensation. We could always look at a secondary increase in July, depending on how the market does.<\/p>\n

We\u2019re going to be keeping a close eye on regulatory changes. <\/strong>The Egyptian Financial Supervisory Authority is becoming more and more involved in the sale and acquisition of companies. This is new, not something to which we\u2019re accustomed. The CBE is increasingly active in areas that touch on our industry. We need to understand why. What\u2019s surprising about some of the regulatory changes we\u2019ve been seeing is that industry leaders haven\u2019t been consulted, and that\u2019s contrary to how things are usually done, when there\u2019s a round of consultations.<\/p>\n

The IPO outlook? <\/strong>We\u2019re hearing as many as six to seven offerings coming out of the public and private sectors, and it could be good for the market if this happens, if it adds liquidity and depth. But I\u2019m concerned about the size of the individual IPOs.<\/strong> Investment banks and their clients need to make sure to offer large chunks of big companies if they want serious foreign investors. An EGP 300-600 mn offering is now USD 15-30 mn. That\u2019s not sufficient for large investors to come in \u2014 they obviously would be worried about liquidity. Nothing below EGP 2-3 bn is really worth bringing to the market; something around USD 100-150 mn is the minimum ticket size anyone should look at. Going the route of EGP 200-300 mn is not going to work.<\/p>\n

Over the last year, we had three large M&As in advanced stages, but as the USD began to rise in April and May, they were put on the backburner.<\/strong> There was a major issue in terms of pricing these transactions: Nobody knew where the USD was heading. It started at \u201cx\u201d and then moved to half \u201cx\u201d in USD terms, and that obviously didn\u2019t bode well for sellers. Things changed very substantially after 3 November \u2014 the transactions are back on track. Even smaller transactions where sellers pulled back are actually coming back to the table. I think overall it will be a very good year for M&A.<\/strong> We have a lot of people who were on the sidelines who are now looking at transactions in Egypt.<\/p>\n

Which sectors will be hot for M&A? <\/strong>We\u2019re very focused on retail and food. We have some pharma and education transactions in the pipeline. That\u2019s where we\u2019re focused; others may be elsewhere.<\/p>\n

It\u2019s not about which sector will outperform in 2017. <\/strong>It\u2019s about who can export, and exporters with USD revenue streams and local currency expenses will really outperform. But I think there\u2019s a case for optimism on the consumption front, too. <\/strong>Even with sectors like retail and food \u2014 they\u2019re having problems now, but they\u2019ve proven resilient over the past years and they\u2019ll do well. We love to shop, we love to eat. That\u2019s not going to change.<\/p>\n

The worst-performing sectors will be importers<\/strong>. Cars. Pharma. Chemicals. All of these companies will suffer this year, some of them significantly.<\/p>\n

I am actually starting two new businesses this year <\/strong>\u2014 microfinance and leasing. <\/strong>Think about it: 90% of Egyptians lack a bank account and access to finance, so microfinance is very attractive. The model in Egypt has proven very successful, and there\u2019s strong demand even with the high premiums. On leasing, I\u2019m going to focus specifically on SMEs \u2014 it\u2019s a neglected segment.<\/p>\n

On the regulatory and legislative fronts, it will be important to see what the CBE is doing with repatriation of foreign funds. <\/strong>It\u2019s been unclear \u2014 are they doing it or not? If they\u2019re pausing it now, when will it resume? Anyone who wants to bring money into Egypt wants to know they\u2019re going to be able to get their profits out. I\u2019m also concerned about taxes: Any step to increase the tax burden is the wrong move. <\/strong>The legislature needs to look elsewhere \u2014 raise taxes and you promote evasion. The real issue is growing the tax base by bringing in the gray economy.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. A quick thinker on markets and the economy, Taymour has earned our respect for his entrepreneurial approach to finance. Yes, […]<\/p>\n","protected":false},"author":1,"featured_media":652541,"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-652540","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":"ebea0512-857c-4f18-be78-11f7eda86e08","order":"0","is_powered_by":true,"section_story_id":"bf1dc707-0216-412e-9f2d-44f147bb8a17","story_type":"1","photo_url":"https:\/\/ent.news\/2017\/1\/736.jpg","photo_position":"above","related_issue":[652517],"teaser":"","voice_url":""},"yoast_head":"\nElwy Taymour, CEO, Pharos - 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\/12\/elwy-taymour-ceo-pharos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elwy Taymour, CEO, Pharos\" \/>\n<meta property=\"og:description\" content=\"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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The transaction \u201csolidifies Pharos Investment Banking\u2019s capabilities and growing presence in the M&A market in Egypt,\u201d said Pharos Holding\u2026","rel":"","context":"In "Other Business News of Note"","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590686,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/egypts-ahly-capital-to-fully-acquire-pharos-securities\/","url_meta":{"origin":652540,"position":1},"title":"Egypt\u2019s Ahly Capital to fully acquire Pharos Securities","author":"enterpriseam admin","date":"31 December 2019","format":false,"excerpt":"M&A WATCH- Ahly Capital to fully acquire Pharos Securities: National Bank of Egypt-owned Al Ahly Capital has signed a final agreement with Pharos Holding to acquire 100% of its brokerage arm, Pharos Securities, NBE said in a statement carried by Al Mal. The acquisition is reportedly worth EGP 120 mn,\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":592649,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/03\/pharos-securities-launches-pharoslive-for-e-trading\/","url_meta":{"origin":652540,"position":2},"title":"Pharos Securities launches Pharoslive for e-trading","author":"enterpriseam admin","date":"3 November 2019","format":false,"excerpt":"Pharos Securities announced the launch of its trading app Pharoslive. The app, available on desktop, Play Store and the App Store offers the firm\u2019s clients real-time e-trading services and real time follow-up on transactions, enabling customers to make investment decisions faster and easier. The app provides clients with a comprehensive\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":567199,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/egypts-al-ahly-capital-to-acquire-pharos-asset-management-for-egp-20-mn\/","url_meta":{"origin":652540,"position":3},"title":"Egypt\u2019s Al Ahly Capital to acquire Pharos\u2019 asset management for EGP 20 mn","author":"enterpriseam admin","date":"15 January 2020","format":false,"excerpt":"M&A WATCH- Al Ahly Capital is planning a c. EGP 20 mn bid for Pharos Holding\u2019s asset management and investment banking arms, Al Mal reports, citing sources familiar with the bid. The sources said that the acquisition could be completed within the coming two months. Al Ahly Capital, a National\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":652519,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/our-first-enterprise-ceo-poll-ends-today\/","url_meta":{"origin":652540,"position":4},"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 "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":640961,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/10\/pharos-eyes-expansion-geographically-and-into-non-bank-businesses-looks-to-close-egp-7-5-bn-in-transactions-this-year-taymour\/","url_meta":{"origin":652540,"position":5},"title":"Pharos eyes expansion geographically and into non-bank businesses, looks to close EGP 7.5 bn in transactions this year -Taymour","author":"enterpriseam admin","date":"10 September 2017","format":false,"excerpt":"Pharos Holding is looking to close transactions worth EGP 7.5 bn over the next 18 months as it moves into non-banking sectors, CEO Elwy Taymour told Reuters in an interview (here for Arabic). 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/652540","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=652540"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/652540\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/652517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/652541"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=652540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=652540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=652540"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=652540"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=652540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}