In this issue, we are privileged to be able to report on a recent interview with the Governor of the Central Bank of Egypt. Our team in Cairo has proven able through the years to identify profitable and interesting investment opportunities in both our private equity and energy businesses, and with the recent flotation of the Egyptian Pound, the interview reveals a new sense of optimism that the course of reform is now well-set. In addition, we come back to the question of why investors should continue to allocate to growth markets, notwithstanding strong relative performance in the developed markets over the last few years. Finally, we reflecton the warming in the relationship between China and the new administration in the US, and question whether the pre-election rhetoric will translate into aggressive trade policy now that President Trump is in the White House.
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