International Finance

Emirates NBD Egypt Wins the “Fastest Growing Corporate Bank in Egypt” Award for 2021

The bank secured EGP 2.54 bn loans to finance the construction of the new ‘ZED’ project in Sheikh Zayed

Even though Emirates NBD Egypt is fairly new, especially when compared to its competitors, it has rapidly become one of the most trusted banks in Egypt. International Finance Magazine has just granted Emirates NBD Egypt the “Fastest Growing Corporate Bank in Egypt” Award for 2021, concluding what many believe to be an extremely fruitful year for the bank, despite all restrictions caused by the Covid-19 pandemic.

Since its inception, the bank’s management has diligently set its sights on the market’s leading position while strategically utilizing all its available resources and assets to provide reliable products and services to its customers, whether individuals or corporates. The bank has also committed itself to playing an active role in the country’s economy with countless projects and initiatives especially tailored to drive the market, further digital transformation, and ultimately, achieve financial inclusion.

The reputed International Finance magazine specializes in business and finance institutions around the world and recognizes international industry talent, leadership skills, industry net worth and capability. This award comes after five consecutive years of awards and international recognition of the great leaps the bank has achieved which contributed to enhancing financial flows, new banking services that support digital transformation and overall investment in Egypt.

Emirates NBD Egypt joined the bank’s syndication loan with “Ora Developers Egypt” to secure EGP 2.54 billion loans to finance the construction of the new ‘ZED’ project in Sheikh Zayed. ‘ZED’ Sheikh Zayed is a new multipurpose integrated project, consisting of 6 phases that will include 4,500 fully finished residential units, along with commercial and administrative spaces.

The bank also contributed to the top-up of tranche “C” granted to “The International Co. for Multiple Oils Extraction” with a total amount of EGP 200 million. The syndication was arranged by 7 banks where tranche “C” reached EGP 3 billion, and the participation of Emirates NBD Egypt is estimated at 7 percent of the total value of the loan, as financing this tranche will be used to complete some construction work in the factory and purchase the raw materials needed for the production of crude and refined oils.

Recently, the bank provided a loan of EGP 2 billion to a consortium of four companies; “The Arab Contractors”, “Orascom Construction”, “Hassan Allam Construction” and “Metito Water Treatment Group” to build the largest agricultural drainage treatment plant in El Hammam at the North Coast. The new plant will be used to irrigate half a million feddans of reclaimed land in West Delta with a capacity of 6 million cubic meters per day. The project also includes the construction of a 120 km water corridor to transport agricultural drainage water from the Delta governorates to the treatment plant in El Hammam. The bank’s participation in this project is in line with the state’s national plans to enhance development for the benefit of the overall economy in Egypt.

Emirates NBD Egypt also offers its clients a variety of products and services, in addition to supporting small and medium-sized businesses as well as large and multinational corporations. In December 2020, Emirates NBD Egypt achieved an increase in their corporate portfolio by 9 percent in comparison to the previous year.
“Over the past years, we were keen to create chances, opportunities and contributions towards our customers, employees and the society,” said Mohamed Berro, CEO of Emirates NBD – Egypt. “We are aware of the essential role the bank plays in driving the economy and are keen to continuously develop our services and offerings in line with the global changes and the needs of our customers. All these plans and joint efforts contributed to cementing our position as one of the top banks in the last five years.”

The bank’s capacity to undertake further obligations rests on its competent system and its innovative product development. Decisions regarding business development are only made after intricate research to understand the nature of the market and its variables. The bank prides itself in tailoring new products and services for both individuals and corporations.

Furthermore, the bank engages in social responsibility initiatives where it can give back to society. Just recently, the bank signed a cooperation agreement to raise the public schools’ female teachers’ efficiency and maximize the effects of integrated education. The bank has also provided tailoring skills and business management training to female heads of households to provide them with a fixed income. In addition to another agreement to renovate “The Model Centre” for assisting the Blind and Visually Impaired young people. This step aims to facilitate their everyday activities, assist with their educational paths, and ultimately, qualify them for potential jobs.

Emirates NBD Egypt is supported by a large network of 68 branches spread across all governorates, serving current and new clients, and offering banking services to individuals and corporates. Through such an extensive network, the bank plans to expand further to accommodate more customers and offer a wider array of products and services.

If the bank maintains its current pace, it should rest assured that the bank will achieve similar awards in the ensuing years while reflecting Emirates NBD Egypt’s position within the top banks in Egypt for many years to come.

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