Dubai-based Mashreq yesterday launched its Egyptian operations with 10 branches in Cairo and Alexandria and a capital outlay of EGP560 million (Dh367m, $100m).
Speaking at the launch, Chief Executive Abdul Aziz Al Ghurair said banks played an important role in Egypt's recent economic growth.
"The Egyptian banking sector is a key player in the growth of the country's economy, especially in light of the remarkable GDP growth that averaged seven per cent over the last two years," Ghurair said.
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