CI Capital: We are optimistic about the Egyptian and UAE markets in 2021

The annual conference of CI Capital, which brings together investors from around the world to discuss the investment horizon, has started in the new year.

In this context, the head of the brokerage sector at CI Capital, Karim Khadr, explained in an interview with “Al Arabiya” that recommendations and concerns focused on the consumer, health and financial sectors, followed by industrial and tourism.

He pointed out that not distributing adequate vaccines is the biggest risk currently, so that optimism for an improvement in economic growth in 2021 fades.

He indicated that CI Capital is optimistic about the markets of Egypt and the UAE in 2021.

The International Monetary Fund expects that the economic recovery in the Middle East and North Africa will accelerate this year, but in a “disproportionate” manner, due to the imbalance in the ability of countries in the region to obtain vaccines for the Corona virus.

The region, which includes all Arab countries and Iran, last year suffered from its worst economic performance in decades due to low oil prices, sweeping closures and curfews to prevent the spread of the virus.

The region’s economy shrank by 3.8% in 2020, but the IMF expects growth of 3.1% this year and grew by 4.2% next year, amid a recovery in oil prices and the distribution of virus vaccines, according to an official at the Fund.