The investment banking arm of National Bank of Kuwait (NBK), NBK Capital, plans to open an office in Cairo in 2008.
The company is pursuing private equity investments in Egypt in retail brands, logistics and packaging companies.
“We have bid a lot but have not done any deals because asset prices are so high,” says Amjad Ahmad, chief executive officer for investment and merchant banking at NBK Capital. “Since NBK purchased Al-Watany Bank of Egypt [in October] the dynamic for us has changed dramatically.”
The company already has offices in Dubai and Istanbul, as well as in its home market of Kuwait.
In Turkey, NBK Capital is focussing on logistics and healthcare sectors and is planning to invest up to $100m. “We are looking at several advanced options. The deal flow is there in Turkey,” says Ahmad.
In November 2007, NBK Capital sold Turkish edible oil company Yudum Foods to Saudi Arabia’s Savola Group for $70.7m. The company was sold at almost three times NBK’s cash investment and the transaction is expected to be completed in the first quarter.
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