By Andrei Skvarsky.
Russian investment bank Renaissance Capital has hired Ahmed Hafez as head of Middle East and North Africa (MENA) research.
Hafez will be based in RenCap’s office in Cairo, which was opened in 2017, the bank, which focuses on emerging and frontier markets, said in a statement.
He joins from Egyptian firm HC Brokerage, where he was initially a MENA equity analyst and then co-head of the research team for Egypt that covered sectors including steel, petrochemicals, cables and private equity.
Before joining HC Brokerage in 2011, he had been a MENA equity analyst at HSBC Securities, covering consumer, steel and utility stocks.
The Cairo team “will initially focus on Egyptian companies, and potentially expand coverage beyond the country as we continue to strengthen our regional footprint”, the statement quoted RenCap’s MENA chief executive, Ahmed Badr, as saying.
RenCap, which has operations in Africa, Europe, Russia, the Commonwealth of Independent States, the Middle East, and North America, holds annual Egypt-focused conferences. It is due to hold its 3rd Annual Egypt Conference in Cape Town, South Africa, on April 24-25.
Besides its headquarters in Moscow and office in Cairo, the bank has offices in London, New York, Johannesburg, Cape Town, Lagos, Nairobi, Nicosia, and Dubai.
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