Saudi Arabia largest investor into the Egyptian market followed by Kuwait & UAE
First Equity Partners acquires majority 67% stake in White House Securities Bahrain headquartered FEP is one of the largest private equity firms from the GCC investing in Egypt
FEP Egypt Direct Investment and Asset Management, an affiliate of First Equity Partners (FEP), a leading private equity manager in the MENA region, has acquired a majority share in White House Securities (WHS).
With the acquisition of 67 per cent of WHS, which lists small and medium companies on the NILEX (Nile Stock Exchange), FEP reaffirmed its position as one of the largest private equity firms from the GCC region investing in Egypt – managing investments worth a total of US$ 1bn in the country. The group is headquartered in the Kingdom of Bahrain, with offices also based in Qatar, the United Arab Emirates, Kuwait, Iraq, Morocco, Egypt and the United Kingdom.
The two companies participated in a major economic investment conference in Sharm el-Sheikh, Egypt – entitled Egypt the Future – which took place from 13-15 March 2015. The aim of the conference was to increase Egypt’s attractiveness as a destination for foreign investment by detailing the country’s economic reform plan, laying out its strategies for invigorating key economic sectors, working with partners to develop new infrastructure, and presenting opportunities to local, regional and global investors. US$ 35bn worth of projects were presented at the investment conference.
Qais Al Maskati, Board Member and Managing Director of First Equity Partners, said: “This deal is another important milestone in FEP’s investment strategy in Egypt. Our vision of the market over the long term is positive, underpinned by the economic reforms laid out at the recent Egypt the Future conference – the country has a large market and many promising investment opportunities. WHS will become FEP’s financial arm in Egypt and an important portal into the country”.
Saudi Arabia is the largest investor into the Egyptian market – with US$ 7-8bn invested in heavy industries, tourism and real estate – followed by Kuwait and the UAE. The combined total investment of the three countries into Egypt exceeds US$ 20bn. That figure is set to grow rapidly: at the Sharm el-Sheikh conference, the UAE committed more than US$ 70bn of investment into Egypt’s market over the next ten years.
FEP, which opened its offices in Egypt three years ago, is in the midst of expanding its direct investment in the country, as part of an investment plan that varies between heavy industries, financial services, and small and medium projects.
As a private equity manager with US$ 3bn in Assets Under Management, FEP specialises in turning around underachieving or distressed assets into high performance businesses that generate attractive investor returns over a competitive time frame. The group operates in the private equity, enterprise development, corporate finance, business advisory and mergers & acquisitions sectors, focusing on buyouts, growth capital and distressed turnarounds. Launched in 2011, FEP has subsidiaries in Steel, Building Material, Energy, Trading, SMEs and Real Estate. End About First Equity Partners A new firm founded in 2011 as a provider of a broad spectrum of investment banking and advisory services in the MENA region, and with operating offices in Kuwait, Doha, Dubai, Cairo, Casablanca and Manama. They bring together a number of critical success factors -Experienced Team, Mid-market Focused, Unique Sourcing Capabilities, Access to Decision Makers, Proven Track Record.