{"id":655549,"date":"2024-11-20T00:00:00","date_gmt":"2024-11-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/hsbcs-ali-taqi-on-how-egyptian-companies-are-faring-in-the-battle-for-regional-business-and-what-foreign-investors-here-are-thinking-now\/"},"modified":"2024-11-20T00:00:00","modified_gmt":"2024-11-20T00:00:00","slug":"hsbcs-ali-taqi-on-how-egyptian-companies-are-faring-in-the-battle-for-regional-business-and-what-foreign-investors-here-are-thinking-now","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/hsbcs-ali-taqi-on-how-egyptian-companies-are-faring-in-the-battle-for-regional-business-and-what-foreign-investors-here-are-thinking-now\/","title":{"rendered":"HSBC\u2019s Ali Taqi on how Egyptian companies are faring in the battle for regional business \u2014 and what foreign investors here are thinking now"},"content":{"rendered":"

Seven and a bit month<\/strong>s into the float of the EGP, you could be forgiven for sometimes <\/strong>thinking there are more Egyptian companies looking at offshore investments than there are foreign investors looking at Egypt. <\/strong>To get some color on what\u2019s fact and what\u2019s fiction (or at least, to borrow from Mark Twain, \u201cgreatly exaggerated\u201d), we sat down with Ali Taqi, managing director and head of commercial banking at HSBC Egypt. <\/p>\n

Why take Ali\u2019s pulse? He\u2019s been with HSBC for more than 13 years and has served in the <\/strong>UAE, New York, Jordan, and Egypt. HSBC is a key conduit into the country for foreign investors \u2014 and works with businesses here that are looking to grow beyond our borders. Edited excerpts from our conversation:<\/p>\n

EnterpriseAM: How have trade corridors changed since you moved to Egypt <\/strong>two-and-a-half years ago?<\/strong> <\/p>\n

Ali Taqi:<\/strong> Egypt was a place I wanted to come to because it\u2019s a strategic market for us and it has all the right things going for it. Trade is a fundamental piece of our business \u2014 we exist to facilitate trade. So trade corridors, trends, and evolution really matter to us. <\/p>\n

Read the press or listen to the analysts, and they\u2019re saying the same thing: We\u2019re currently moving towards deglobalization. But that\u2019s not what we\u2019re seeing, and not what our customers are telling us. They\u2019re actually seeing more globalization, they\u2019re seeing more integrated supply chains. Yes, there have been some disruptions here and there, but the reality is that our business volumes \u2014 our trade volumes \u2014 indicate that trade corridors are growing.<\/p>\n

MENA is a growth business for HSBC, and that growth is underpinned by the level of trade and investments into and out of the region. Egypt is a key market for us regionally \u2014 it has all the right fundamentals, it\u2019s a growth market for us, and it\u2019s also the heart of world trade from a geographic perspective. <\/p>\n

We see Egypt trading more with China, Asia, Saudi, the UAE, and even Europe. We\u2019ve prioritized Egypt for the implementation of our HSBC global trade solutions \u2014 a whole front-to-back modernization; Egypt has been put up as one of the priority markets for the project.<\/p>\n

Meanwhile, supply chains are becoming a lot more integrated, and \u2014 as a bank \u2014 we are positioned to support that.<\/p>\n

E: What\u2019s driving trade growth for Egypt? How much of it comes from Egyptian <\/strong>companies looking to expand outward, or Chinese companies looking for a manufacturing base closer to Europe that has a trade agreement? And how much of it is Saudi and the UAE?<\/strong><\/p>\n

AT:<\/strong> It\u2019s very balanced. The number of local companies that come to us that are looking to launch operations or set up shop in Saudi and in the UAE has increased many-fold, and that creates growth in multiple dimensions.<\/p>\n

But we\u2019re also bringing customers here. Investors from abroad see Egypt\u2019s long-term fundamentals \u2014 they see the 100 mn people, the skilled labor force, the vast natural resources, the returns on their investments. They\u2019re convinced of the Egypt story. This includes investors and company owners in Asia, southeast Asia in particular.<\/p>\n

E: So, there\u2019s appetite right now?<\/strong><\/p>\n

AT:<\/strong> We have specific clients that are doing due diligence as we speak. Challenges persist, but facilitating them coming here is our area of excellence. But ultimately, it\u2019s balanced between local firms expanding abroad and foreign companies setting up shop here.<\/p>\n

E: How important is China in the mix, now versus two and a half years ago? Are we doing <\/strong>enough to attract the Chinese?<\/strong><\/p>\n

AT:<\/strong> China is hugely important, for multiple reasons: The technology, the technical know-how that they bring, and the fact that they\u2019re looking outbound \u2014 all of this makes it an essential market for us. It\u2019s hugely important and you can\u2019t miss out on that, I think, from a commercial standpoint. We already have a China desk here in Egypt. It\u2019s been there for a number of years, and it operates across multiple disciplines. We\u2019ve got it covering markets, trade, and payments. <\/p>\n

I think a lot is being done to attract Chinese investors. GAFI came with us to China on a roadshow to speak with investors. We got very positive feedback about it and we\u2019ve started seeing inbound interest on the back of that.<\/p>\n

E: What are the big questions you\u2019re getting about Egypt from outsiders, whether on the <\/strong>trade or the investment side?<\/strong><\/p>\n

AT:<\/strong> The past two years obviously have been challenging, with the stability of the FX regime being a primary concern for clients who want to make sure that they\u2019re getting the returns that they anticipated. The fact that headline inflation is slowing and things generally appear to be moving in a positive direction has been encouraging for investors. <\/p>\n

The past 18 months have seen much improved business friendliness, if you look at what GAFI has brought in in terms of simplifications \u2014 all of that has been positive. But investors need to see some stability, healthy volatility in the FX rate, and indicators moving in the right direction.<\/p>\n

E: What is the mood among your Egyptian clients right now?<\/strong><\/p>\n

AT:<\/strong> They\u2019re thinking of how to future-proof their businesses against any possible shocks on the macro level. I\u2019d say the mood is: We\u2019re in it, and we\u2019re moving forward. Egyptian businesses are incredibly resilient, and their level of resilience and strategic thinking is quite remarkable. <\/p>\n

But if we\u2019re being realistic, there is also a bit of a \u201cwait and see\u201d approach. Everyone\u2019s hoping and gunning for the best, because they see what international players see. But there\u2019s a measure of caution.<\/p>\n

E: What are some of the mistakes that Egyptian businesses make when they look <\/strong>outward? Are there hallmarks that indicate a certain business knows what it\u2019s doing when looking to expand?<\/strong><\/p>\n

AT:<\/strong> It depends on the sector, but in general, the first key is to see whether they\u2019ve mapped out the competition. Those who do well know exactly who their competitors are, and they know the areas where they could be efficient. They mapped it to a sort of SWOT analysis \u2014 their positives, their negatives. They found a gap and engaged in very meticulous planning of going around that map. They built a very rigorous cost revenue model. Strategically, they weren\u2019t going after crazy growth \u2014 they were going after something that was sustainable. The revenues were there, and they knew they could get it. <\/p>\n

What sets successful businesses apart is that the owner is typically very strategic about the \u201cwhy.\u201d It wasn\u2019t about expanding because Saudi was the new thing \u2014 it was because they wanted to build a sustainable international business. They say: \u201cI feel I have a product, a proposition that is lacking in some markets, and I feel I can bridge that gap\u201d \u2014 that clear vision is key.<\/p>\n

Finally, an awareness of human capital is another essential factor. They know exactly who to go for, which general managers \u2014 \u201cHow am I going to hire the best general manager, and what\u2019s going to make me attractive to them? How do I incentivize them?\u201d Those are all important questions to think about, and they\u2019re ones that are often neglected.<\/p>\n

E: Are there sectors where you see Egyptians getting more traction abroad than others? <\/strong><\/p>\n

AT:<\/strong> Egypt has a distinct edge on renewable energy and manufacturing. In terms of renewables, Egypt has an abundance of resources, a committed government strategy, and the human capital to execute renewable energy projects \u2014 that\u2019s all exportable to another country where the government\u2019s strategy is clear. <\/p>\n

On the manufacturing front, we\u2019ve helped a number of clients set up in Saudi Arabia \u2014 they went in with their manufacturing teams, because they know they can replicate their expertise over there, and they\u2019re able to fix a lot of inefficiencies that exist in these sorts of markets.<\/p>\n

E: It\u2019s not rocket science to take a piece of a government infrastructure contract in Saudi, <\/strong>but it\u2019s much more difficult to go in there and compete as a private sector actor looking to win private sector business. <\/strong><\/p>\n

AT:<\/strong> What we see from our business is that they compete on both fronts. Obviously the Saudi government does have a big role to play \u2014 they\u2019re investing \u2014 but there have been many joint ventures that brought in Egyptian clients. We\u2019re also seeing some of our smaller players be active in the Saudi market and bidding for private-sector work. It\u2019s hit-and-miss, but it\u2019s like any other market.<\/p>\n

E: What is driving business for you at home in a high-interest-rate environment?<\/strong><\/p>\n

AT:<\/strong> A number of things. A key pillar for us is cash management \u2014 we\u2019re seeing a lot of clients implement a much more rigorous approach to their cash management, because they want to self-finance as much as they can. We help them take their cash, help them deploy it in areas they want to shorten payments to suppliers, and we have the best-in-class cash management solutions.<\/p>\n

I think the second thing for us is helping clients export. That\u2019s been a huge driver for us. We\u2019re quite competitive in that field, and we want to be the leading bank to support international growth. Finally, helping our client transition is another main driver of our growth. We do that by providing advice, products, propositions, among other things.<\/p>\n

E: What challenges do you have in the portfolio right now? <\/strong><\/p>\n

AT:<\/strong> We\u2019ve been fairly resilient because we\u2019ve backed the right players, the right industries, and our strategy has helped us navigate those areas. We remain very well capitalized, and highly liquid clients recognize this and want to bank with us. <\/p>\n

The challenges lie in the clients\u2019 ability to be resilient, and that\u2019s tied to the situation on a macro level.<\/p>\n

E: Where do rates have to be before we see the first signs of appetite for borrowing?<\/strong><\/p>\n

AT:<\/strong> The way I see it, policy stability is more important than what the rate happens to be \u2014 whether it\u2019s 20%, 30%, or 15%, I don\u2019t think that is something that borrowers or clients look at. Business owners want stability. They want to know what\u2019s in front of them, and they\u2019ll take care of the rest. To me, it\u2019s just about running a more disciplined business. They look at the situation and they say \u2014 what do we do now? Whether it\u2019s negotiating different types of contracts, using international players, or even focusing on the local market. <\/p>\n

E: What are you seeing in FX market dynamics right now? What are the signals that <\/strong>indicate that we\u2019re on the right <\/strong>track<\/strong>?<\/strong><\/p>\n

AT:<\/strong> We think it\u2019s on the right path, and I think the policies that were enacted have given a measure of confidence, but it needs a little bit of time to see that this will continue. You have to look at the main trends \u2014 inflation being one of them \u2014 because to us, as a corporate business, those indicators signal whether a client can sell, and that there\u2019s the necessary purchasing power. If FX stability and availability continues in the long run, that would give international investors plenty of confidence. What we\u2019ve seen so far represents a positive signal. That, coupled with Egypt being a fundamentally positive market, just drives a sense of cautious optimism.<\/p>\n

E: If you would pick three industries that are obvious winners over the next 36 months,<\/strong> what would they be? <\/strong><\/p>\n

AT:<\/strong> Renewable energy is certainly one of those sectors, both in the short and long term. Manufacturing is another \u2014 particularly appliances and white goods. It\u2019s a growing population, there\u2019s plenty of demand, and Egypt\u2019s position pushes this forward. Finally, I would include EVs and mobile phones \u2014 components and assembly, specifically. I\u2019d add the agriculture industry as a fourth winning industry as well. If you look at what Egypt produces, especially with food security being such an important strategic issue globally, I think Egypt has a major role to play.<\/p>\n

E: SMEs?<\/strong><\/p>\n

AT:<\/strong> SME for us is an important business that we do in Egypt. We see an opportunity to help clients move internationally. The SME business for us is very much centered around what we call the \u201cnew economy.\u201d We launched Afaq, a dedicated proposition for SMEs where we are focusing on supporting trade, technology, and sustainability, as these three sectors are the pillars underpinning the new economy.<\/p>\n

We are in a unique position to capitalize on the group\u2019s advanced technology platforms to support this critical part of the economy, bringing truly global solutions to our local SMEs here in Egypt. Egyptian entrepreneurs are at a pole position of innovation and are the drivers for delivering the country\u2019s future economy as it diversifies and connects internationally.<\/p>\n","protected":false},"excerpt":{"rendered":"

Investors need to see healthy volatility in the FX rate and indicators moving in the right direction, says HSBC Egypt\u2019s head of commercial banking<\/p>\n","protected":false},"author":1,"featured_media":655550,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[8231],"tags":[8904,204,335,72,490],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-agreements-and-mous-totalling-eur-67-7-bn-inked-at-egypt-eu-investment-conference","tag-ali-taqi","tag-banking","tag-coffee-with","tag-enterpriseam","tag-hsbc","wpautop","entry"],"acf":{"mongo_id":"647da75c-0834-4ee0-bda7-57d5b4dced10","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1917.jpg","photo_position":"above","homepage_title":"","full_issue_title":"HSBC\u2019s Ali Taqi on how Egyptian companies are faring in the battle for regional business \u2014 and what foreign investors here are thinking now","related_issue":[655541],"teaser":"Investors need to see healthy volatility in the FX rate and indicators moving in the right direction, says HSBC Egypt\u2019s head of commercial banking","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.5b1a7ee2-4fbf-4fa1-9e0e-d0c2f09c057e.mp3"},"yoast_head":"\nHSBC\u2019s Ali Taqi on how Egyptian companies are faring in the battle for regional business \u2014 and what foreign investors here are thinking now - 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