Representative Office opened by Banque du Caire in UAE

ABU DHABI, 13th March, 2019 (WAM) — Banque du Caire, BDC, has launched its new representative office in the UAE as a focal point through which the bank aims to strengthen its overseas presence in line with an ambitious strategy from the Board of Directors to achieve regional expansion and boost foreign trade.

Tarek Fayed, Chairman and CEO, emphasised the importance of opening the UAE Rep Office to maximise joint investments across the UAE in specific and GCC in general. The UAE office contributes to not only stimulating trade between Egypt and the Arab Gulf countries but also, attracting Arab and Gulf investments to Egypt, financing foreign trade operations, as well as capturing remittances from Egyptian expats.

Fayed also asserted that the opening of the office will support the 15 percent market share growth in light of the actual indicators reflecting the exchange rate stability. He pointed out that BDC currently captures 10 percent of the total remittances of Egyptian expats routed from Arab Gulf countries.

He further emphasised that BDC’s business strategy is not limited to the UAE market, but extends to oversee expansion with a focus on strengthening presence in the Gulf region as a first step. He pointed that the bank managed to secure the initial approvals needed from both the Central Bank of the UAE and Egypt to set up the UAE Rep Office.

BDC has also contracted with top exchange houses in Arab Gulf countries to attract and capture remittances from Egyptians expats and further connect the bank with this vital region to enforce BDC’s overall plans aimed at supporting Egypt’s economic and commercial growth activities at the regional level.

Fayed also praised the substantial support of the Central Bank of the UAE to speed up the process of obtaining the operating license for the Rep Office in a very quick and short timeframe, which reflects the solid and strong relationship between the two countries.