Banque du Caire opens an office in the UAE

Egypt’s Banque du Caire opened a representative office in the UAE to strengthen its overseas presence and boost foreign trade. Tarek Fayed, chairman and chief executive, said the UAE office is meant to maximise joint investments across the UAE and GCC, attract Gulf investments to Egypt, finance foreign trade operations and capture remittance payments from Egyptian expatriates. BDC currently captures 10 per cent of the total remittances of Egyptian expatriates routed from Gulf countries. BDC has appointed Ashraf Khalil to head its office in the UAE. Mr Fayed said BDC is also seeking to enhance trade flow between Egypt and African countries.