Egypt's Beltone Financial to spend $42 million expanding next year

Egypt's Beltone Financial aims to invest around 300 million Egyptian pounds ($42 million) to expand its domestic operations next year because it believes the worst of the country's economic instability has passed, its chairman told Reuters.

"The entire world is open to us. I see that the transition period in Egypt has ended. The investment opportunities that exist domestically are the best that can be found in the region," Aladdin Saba said.

"We will propose our expansion plan for 2015 to the board of directors. I envision us investing in the non-bank financial sector by setting up new firms, or by buying existing businesses if they would enable us to achieve our goal and save us time.”

The optimism of Saba, who founded Beltone in 2002, is echoed by many Egyptian financiers, who think the government is getting a grip on Egypt's economic problems after a three-year slump following the revolution of 2011.

With over 200 staff, Beltone has brokerage, asset management, investment banking and private equity operations. Foreign operations include offices in Dubai and London.

Earnings have slumped since last year, when they were inflated by one-off gains such as a property sale. Consolidated net income tumbled 84 percent from a year earlier to 11.0 million.