JPMorgan Chase plans African expansion
JPMorgan Chase, the largest US lender, is planning to enter Kenya and Ivory Coast this year as part of its strategy to expand in Africa, CEO Jamie Dimon announced. The bank will focus on commercial and investment banking in both countries, with no immediate plans for wealth management services. Dimon also hinted at further African expansion in the future.
"We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so," Dimon said, ahead of his trip to the continent. He emphasised the importance of being on the ground.After overcoming previous regulatory hurdles, JPMorgan has received approval to set up a representative office in Kenya. Dimon underscored the need for US firms to compete globally. He sees long-term benefits in growing the bank's footprint across Africa.Attribution: ReutersSubediting: M. S. Salama
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
20 minutes ago
- Al-Ahram Weekly
Egypt, Turkey aim to boost trade to $15 bln: FM Abdelatty - Foreign Affairs
Egyptian Foreign Minister Badr Abdelatty said during a Friday meeting with Turkish business leaders in Istanbul that Egypt and Turkey seek to deepen economic ties and increase bilateral trade from $9 billion to $15 billion. According to Egypt's Foreign Ministry, Abdelatty described Turkey as a key destination for Egyptian exports and positioned Egypt as a strategic gateway for Turkish goods into African markets. The meeting, held on the sidelines of the Organization of Islamic Cooperation's ministerial gathering, is part of broader efforts to strengthen Turkish investment in Egypt. Abdelatty said the political leadership of both countries set the $15 billion target and reflects a shared commitment to closer economic integration. After years of diplomatic strain, relations between the two countries have warmed significantly. President Abdel-Fattah El-Sisi and Turkish President Recep Tayyip Erdoğan co-chaired the inaugural session of the High-level Strategic Cooperation Council in Ankara in September 2024 — a body established by joint declaration during Erdoğan's earlier visit to Cairo. The council aims to elevate bilateral relations to the strategic level across multiple sectors. During the meeting with Turkish business representatives, Abdelatty discussed opportunities for expanding trade and removing barriers to growth. He underscored the importance of the Egypt-Turkey free trade agreement, which has been in force since 2005, as a key mechanism for reaching the new trade target. He also welcomed the recent increase in Turkish investment in Egypt, citing advantages such as Egypt's membership in multiple regional trade agreements and the incentives available within the Suez Canal Economic Zone. Abdelatty reaffirmed Cairo's support for Turkish investors, noting that Egypt's prime minister had established a dedicated unit to facilitate Turkish investment and help resolve any challenges they may encounter. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
a day ago
- See - Sada Elbalad
Egypt Rises to 9th Globally in FDI Inflows amid Record $47 Billion Surge
Taarek Refaat Egypt has made a dramatic leap in the global investment landscape, ranking 9th worldwide in foreign direct investment (FDI) inflows for 2024, according to the World Investment Report released by the United Nations Conference on Trade and Development (UNCTAD). FDI into Egypt surged to $47 billion last year, up from just $10 billion in 2023—catapulting the country from 32nd place to the top 10 globally. The report credits this extraordinary 373% increase primarily to mega-deals and landmark projects, particularly the Ras El Hekma coastal development initiative. The United States retained its position as the world's leading destination for FDI, followed by Singapore, Hong Kong, China, Luxembourg, Canada, Brazil, and Australia. Egypt was the only African and Arab country to appear in the global top 10. A joint statement by Egypt's Ministries of Investment, Planning, and International Cooperation—released in collaboration with UNCTAD—highlighted the broader regional momentum, noting that FDI to Africa rose by 75% in 2024, reaching $97 billion, up from $55 billion in 2023. Egypt led the continent in FDI growth, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda. Despite Egypt's exceptional performance, the UNCTAD report paints a more cautious global picture: total FDI flows worldwide fell by 11%, from $1.67 trillion in 2023 to $1.5 trillion in 2024. This decline was driven largely by a 22% drop in FDI to advanced economies, amid rising geopolitical tensions and tighter monetary policies. Developing countries managed to maintain stable inflows overall, while the least developed countries (LDCs) saw a 9% increase, signaling selective resilience. Interestingly, the number of new investment projects worldwide increased slightly by 3%, reaching 19,356, suggesting that while capital volumes are down, investor appetite for greenfield projects remains intact. Economists say Egypt's performance reflects a broader strategic shift toward large-scale, state-backed development projects aimed at transforming the country into a regional investment hub. Whether this momentum can be sustained will depend on regulatory clarity, infrastructure readiness, and macroeconomic stability. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
Al-Ahram Weekly
2 days ago
- Al-Ahram Weekly
Egypt ranks 9th globally among top FDI recipient countries in 2024 - Economy
Egypt ranked ninth globally in foreign direct investment (FDI) attraction in 2024, receiving $47 billion in investments, a significant leap from 32nd place in 2023, when it received $10 billion, a joint statement by the Ministries of Planning and Investment said Thursday. The announcement was made at the World Investment Report launch event, which was held by the United Nations Conference on Trade and Development (UNCTAD). This came during a press conference held at the General Authority for Investment and Free Zones (GAF) by Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat and Minister of Investment and External Trade Hassan ElKhatib. The UNCTAD report attributed the FDI jump largely to the Ras El-Hekma development project and several major deals the state inked in 2024. Egypt ranked ninth after the United States (first), Singapore, Hong Kong, China, Luxembourg, Canada, Brazil, and Australia. The report highlighted key global trends in foreign direct investment in 2024 and Egypt's position among the most attractive countries for investment, given the economic reforms implemented by the Egyptian government. It also pointed to a 75 percent increase in FDI flows to Africa, rising from $55 billion in 2023 to $97 billion in 2024. Egypt topped the list of fastest-growing and most attractive African countries for FDI, with a growth rate of 373 percent, followed by Ethiopia, Côte d'Ivoire, Mozambique, and Uganda. In her remarks, Al-Mashat highlighted that 2024 witnessed shifts in global investment patterns, with Egypt maintaining a strong presence in attracting FDI. She emphasized the government's ongoing efforts through an ambitious reform agenda, prioritizing industry, exports, and direct investment to achieve economic development. These efforts mainly focus on empowering the private sector through structural reforms promoting sustainable growth, resilience, job creation, productivity, and increased value. Minister ElKhatib also stated that Egypt's hosting of the launch of the 2025 World Investment Report reflects the country's significant progress in private sector investment, infrastructure, and digitalization. He affirmed that Egypt's vision aims to build a competitive, open, and globally integrated economy, with the private sector being the primary driver of sustainable growth. Moreover, he noted that 2024 saw transformational changes in FDI trends, including increased investor confidence and strategic partnerships. The minister pointed out that Egypt recorded its highest-ever annual increase in FDI, with the Ras El-Hekma development agreement being a major contributor to this surge. For his part, Mr. Richard Bolwijn, director of the Investment Research Branch at UNCTAD, stressed the importance of international cooperation to help developing countries overcome investment climate volatility. 'This year's findings call for renewed efforts to mobilize private investment for sustainable development, especially in economies facing structural constraints,' he stated. The 2024 World Investment Report indicated that global FDI flows declined by 11 percent, reaching $1.5 trillion in 2024 compared to $1.67 trillion in 2023. However, newly established investment projects saw a modest three percent increase, reaching 19,356 projects. Developed economies experienced a 22 percent decline in FDI, while levels remained stable in developing countries. FDI flows to the least developed countries rose by nine percent. Despite global economic challenges and geopolitical tensions, the Egyptian government plans to continue implementing economic and structural reforms to strengthen macroeconomic stability, improve the investment climate, promote the green economy, and achieve private sector-led economic growth. Follow us on: Facebook Instagram Whatsapp Short link:
