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Who We are

Pharos Holding is a fully-fledged investment bank headquartered in Cairo. We provide our clients with investment banking, asset management, securities brokerage, and bookkeeping services backed by bespoke research reports.

Pharos Holding for Financial Investments offers a wide range of financial services, including Investment Banking, Asset Management, Securities Brokerage, Online Trading, Research and Bookkeeping, all specializing in the Egyptian market.

Pharos Holding is chaired by late Dr. Mohamed Taymour, a veteran of the regional financial industry, and employs a team of exceptionally talented, highly educated and qualified professionals, with proven track records for excellence in local and regional markets.

The firm operates a business model built on the core values of teamwork, dedication and integrity. Employing personnel with a wealth of experience spanning local, regional and international markets enables the company to provide personalized and innovative solutions to clients, based on first-class research analysis consistently at the forefront of identifying shifts in market trends.

Founder's Note

"Following a remarkable growth trajectory, today we provide a suite of global-quality financial services to individuals and institutions in Egypt and the region."

ceo_note

Dear Readers,

Now beginning our eleventh year of operations, our firm has grown from a provider of financial advisory and private equity services into a top-tier investment bank. Following a remarkable growth trajectory, today we provide a suite of global-quality financial services to individuals and institutions in Egypt and the region. We cemented our status early, closing deals worth EGP 2 billion within the first six months of trading and by the close of FY16 our trading turnover had reached EGP 12 billion. We are also proud to have a signed a major EGP 3 billion asset management contract.

That growth has been made possible in large-part by the dedication of our team and our adherence to one key value: Personal service. We hire experienced talent with deep roots in Egypt and the region, who share our values of integrity, innovation and teamwork. With this talented team, we seek success by viewing our services as an art, rather than a science, and we focus in all things on the needs and well-being of our clients.

This focus on service, and reliance on experience above formulaic investing guidelines, has seen us successfully grow our business, our client list and our product offering in spite of the string of very challenging years from which our key markets are only now emerging.

I do believe that we have emerged from the dark times that followed the global financial crisis and the post-Revolutionary years of tumult. The economy and security situation are showing strong signs of sustainable growth and the level of M&A and IPO activity in Egypt and regionally increased dramatically in the last couple of years, and is expected to continue moving in 2017.

We have particularly noticed strong demand in the field of advisory work in investment banking and advising in acquisitions and mergers; notably interest is coming from both local and foreign firms. We attribute this to the fundamental strength of the Egyptian business climate, and, of course, to what we see as a renaissance of Egypt’s political and economic environments.

There is a growing confidence in the current leadership. People feel that things are moving in the right direction. For the first time since the January 2011 Revolution, our country has an economic team in place that commands the respect of the business sector and foreign investors. The current regime earned that respect with positive moves such as beginning much-needed subsidy reforms and tackling long-overdue economic legislation.

In closing, I would like to say that I am increasingly optimistic about the future of my country, and, of course, the future of Pharos Holding and our esteemed clients.

Dr. Mohamed Taymour

Founder and Chairman

Our Strategy

Teamwork, dedication, integrity

Pharos Holding’s strategy is built on the core values of teamwork, dedication and integrity. Employing talented professionals with a wealth of experience and regional knowhow allows us to provide personalized and innovative solutions to our clients and leads to a dynamic and successful approach to investment banking services.

We act as an agent for our clients, providing each with unbiased advice on all matters in which we are commissioned to assist. Our ultimate goal is to earn our clients’ trust by demonstrating our dedication to their success. To that end, we uphold the highest service standards, ensuring that the client’s interest comes first.

Likewise, we stress innovation in all our dealings. We consider this to be a particular strength of Pharos and feel that ability to provide a distinct offering is a key to our success.

Our History

From a provider of financial advisory services, Pharos has grown to become one of Egypt’s premier investment banks.

Originally founded in 2005 to provide financial advisory and private equity services, Pharos Holding has since evolved and expanded rapidly into a full-fledged investment bank, providing a spectrum of financial services to institutions and individuals in Egypt and the wider region.

Pharos Investment Banking cemented its status early on by closing deals worth EGP 8.86 bn in its first year of operation. Among its early achievements:

Deals worth EGP 8.86 bn in year one of operation

  • 7.1 bn

    The sell-side broker for Abraaj Capital’s purchase of Egyptian Fertilizer Co

  • 760 mn

    The buy-side advisor for the acquisition of Alexandria Sodium Carbonate

  • 1 bn

    In Assets under management within the first year of operations

Today our firm has grown into a top-tier investment bank

  • Top 5

    Our Securities Brokerage was among the top 5 ranked in Egypt in 1H17

  • 40 bn

    Investment banking transactions worth EGP 40 bn since inception

  • +20%

    As of March 2017, our funds have outperformed the market by an average of 20%

To date, the company has advised on transactions worth EGP 40 bn in a wide range of sectors, including food & beverage, pharmaceuticals & healthcare, chemicals & fertilizers, consumer finance, telecommunications, education, banking, real estate and building materials.

2016

  • Pharos Investment Banking outperforms in the consumer market, closing 11 transactions worth 8.5 billion.
  • Pharos Investment Banking awarded the 2016 Mergermarket Middle East Consumer M&A Financial Adviser of the year.

2015

  • Pharos acts as financial advisors for the acquisition of 52% of Arab Dairy S.A.E by Cairo-based financial services firm Pioneers Holding in a transaction with an equity consideration of EGP 225 million.

2014

  • Pharos acts as independent financial advisor, offering a debt fairness opinion on the Orascom Telecom Shareholders Loan
  • Pharos acts as independent financial advisor, offering an Equity Valuation of Abu Soma Development Company
  • Pharos acts as independent financial advisor to Global Telecom Holding, reviewing the terms of the proposed renewal of the shareholder loan granted by an indirect subsidiary of VimpelCom Limited with a principal amount of USD 2.5 billion plus accrued interest
  • Pharos acts as independent financial advisor, offering an equity valuation of Global Telecom Holding
  • Pharos acts as independent financial advisor to Arabian Cement Company on its IPO, the first in Egypt since the 2011 Revolution; the transaction was 18.5 times oversubscribed
  • Pharos acts as sell-side financial advisor to Qalaa Holdings on its sale of Sphinx Glass to Saudi Arabia’s Construction Products Holding Company (CPC) in a transaction with an equity value of USD 114.2 million
  • Taymour Family and Management bought out Qalaa Holding share.

2013

  • Pharos acts as sell-side advisor for Orascom Development Holding’s (ODHN) sale of its indirect investments in Medinet Nasr Housing and Development (MNHD) in a transaction with an equity value of EGP 180.2 million

2012

  • Pharos acts as private placement agent in Tana Africa’s investment in Regina Pasta and Food Industries in Egypt in a transaction with an equity value of EGP 120 million

2011

  • Pharos twice (in March and again in April) acts as independent financial advisor, providing a debt fairness opinion on an Orascom Telecom Shareholders Loan in a transaction with an equity value of USD 2.5 billion
  • Pharos acts as independent financial advisor to Orascom Telecom in the spin-off of assets

2010

  • Pharos Holding is appointed by Orange Telecom as local financial advisor to evaluate its offer on Egyptian Company for Mobile Service Mobinil
  • Pharos acts as Co-Lead Managers in the IPO of Juhayna Food Industries in a transaction with an equity value of EGP 999.4 million
  • Pharos is appointed financial advisor to give an indicative fair value on Amlak Egypt
  • Pharos is appointed financial advisor to give an indicative fair value on Orascom Development Holding

2009

  • Pharos Investment Fund Co. launched an EGP 25.0 mn equity fund (Pharos I).
  • Pharos Securities achieves fifth rank in both over the counter (OTC) and official market transactions on the EGX.
  • As exclusive financial advisor, Pharos Investment Banking acts as a debt and equity arranger for ASEC Cement in a transaction with an equity value of USD 120 million
  • Pharos acts as buy-side advisor for Al Takamol Cement Company’s arrangement of a syndicated loan for USD 50 million dollars in equivalent Sudanese pounds with a group of local banks
  • Pharos Holding is appointed by CIRA as a financial advisor on a leasing facility in a transaction with an equity value of EGP 20 million

2008

  • Pharos Asset management licensed and now manages EGP 800 million for retail, high-net-worth individual and institutional clients
  • Securities Brokerage obtains licenses for margin and intra-day trading as well as bookkeeping
  • Pharos Research, in partnership with MSCI Barra, launches a 43-constituent index, the Pharos Egypt Index, in January 2008 to track locally listed companies across nine sub-sector indices.
  • Pharos acts as placing agent and book runner for Citadel Capital (now Qalaa Holdings) for a private placement offering in a transaction with an equity value of EGP 900 million
  • Pharos Investment Banking acts as exclusive financial advisors to Al Takamul Cement company in a transaction with an equity value of EUR 28.5 million
  • Pharos acts as exclusive financial advisors for the acquisition of 100% of Alexandria Sodium Carbonate Company (ASCC) by Solvay Group in a transaction with an equity value of EGP 760 million
  • Pharos acts as exclusive financial advisor and lead arranger for a USD 80 million capital increase for ASEC Cement Company
  • Pharos is sole financial sell-side advisor for the sale of a majority stake in Gravena in a transaction with an equity value of EGP 130 million

2007

  • Pharos acts as sell-side broker for Abraaj Group’s leveraged buyout of Egyptian Fertilizer Company (EFC); with an equity value of EGP 7.1 billion, the deal was the largest private equity acquisition in the Middle East to that time
  • Pharos is appointed by Citadel Capital (now Qalaa Holdings) as placing agent and book runner for a private placement offering in a transaction with an equity value of EGP 181 million
  • Pharos acts as buy-side advisor in the management buyout of retail financing firm Contact Cars, in a transaction with an equity value of EGP 149 million
  • Pharos Holding acts as placing agent and book runner for Citadel Capital (now Qalaa Holdings) for a private placement offering in a transaction with an equity value of EGP 770 million

2006

  • Pharos Securities Brokerage begins commercial operations and soon achieves 9th rank in turnover on the EGX
  • Pharos provides sell-side advisory for the divestiture of a majority stake in C3

2005

  • Pharos Holding established
  • Pharos acts as buy-side advisor for Citadel Capital (now Qalaa Holdings) in the purchase of a 27% stake in Misr Cement Qena in a transaction with an equity value of EGP 700 million

Leadership

  • Dr. Mohamed Taymour

    Dr. Mohamed Taymour

    Founder

    Read Biography

    Dr. Mohamed Taymour founded Pharos Holding in 2005 to provide financial advisory and private equity services. He brought to the firm his long and varied experience from EFG Hermes, which he co-founded and Chaired from inception until he left the firm in 2005. Drawing on his more than 40 years of progressive professional experience in corporate banking, direct investments, private equity, M&A transactions, investment banking and market research, Dr. Taymour has led Pharos Holding to its current status as a full-fledged Egyptian investment bank.

    In addition to his duties as Chairman of Pharos Holding, Dr. Taymour is also the Chairman of the Egyptian Capital Market Association. He serves an active member of the board of the Tourism Fund and the Egyptian Center for Economic Studies, and is a board member of Audi Bank and the Arab Investment Group.

    Dr. Taymour holds a Doctorate degree in Systems Analysis from Dartmouth College and a Bachelor’s of Science in Industrial Engineering from Cairo University.

  • Elwy M. Taymour

    Elwy M. Taymour

    Chief Executive Officer & founder of Pharos Holding for Financial Investment

    Read Biography

    Mr. Elwy M. Taymour is the founder of Pharos Holding for Financial Investments, to which he brings more than 25 years of progressive professional experience in financial markets. Before founding Pharos, Mr. Taymour gained extensive brokerage and investment banking experience at Merrill Lynch and EFG Hermes.
    He also served as Vice President at Auerbach Grayson & Co, New York, where he was responsible for selling and marketing Arab markets to asset managers as well as the syndication desk for all GDR deals placed in the US market. In addition to his time at Auerbach Grayson, Mr. Taymour served as the Chief Financial Officer of LinkDotNet, responsible for all of the company’s financial, legal and operational matters.
    He is the Founder and Managing Director of ArabFinance, a regional financial website offering online trading for the Egyptian market.
    Mr. Taymour holds an MBA from Leonard N.Stern School of Business, New York University and a B.Sc in Industrial Engineering from the American University in Cairo.

  • Angus Blair

    Angus Blair

    Chief Operating Officer Pharos Holding for Financial Investment

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    Mr. Angus Blair joined Pharos in January 2016 as the Chief Operating Office with more than 30 years of experience in investment banking, asset management, equities and research in developed and emerging markets.
    Mr. Blair holds several awards for his expertise in the Middle East and North African (MENA) economies and capital markets, including being a "No 1 Institutional Investor Analyst" and "Global Emerging Markets Superstar" for Global Finance magazine.
    He helped lead most of the major ECM transactions, which aided in the opening of the MENA region’s capital markets, including the first GDR in Egypt (CIB) and the first fund to allow foreign investors into Saudi Arabia (the USD 250 million SAIF Fund), among others. He continues to build upon his long-term links to businesses across the MENA region for Pharos to develop its long-term business expansion strategy.
    Mr. Blair sits on the inter-governmental Egyptian British Business Council, advising on increasing trade relations and business between Egypt and the United Kingdom.

  • Sherif Abdel Aal

    Sherif Abdel Aal

    Managing Director & Head of Pharos Investment Banking

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    Mr. Sherif Abdel Aal joined Pharos as the Managing Director and the Head of Investment Banking in January 2014. He brings with him more than 20 years of progressive professional experience in private equity, direct investments, M&A’s, investment banking, corporate banking and market research.
    Mr. Abdel Aal has been involved in the execution of more than 65 transactions, including buy and sell side M&A, equity offerings, corporate-restructuring and bank financing in the MENA region, having been part of CIB, CI Capital, Dubai Islamic Bank, Ahli United Bank and Concord International Investment Group.
    He has also managed direct investment portfolios of more than USD 350 million and four private equity funds with more than USD 400 million of invested and committed funds for over 90 portfolio companies across a wide range of sectors, and reviewed over 120 investment opportunities.
    Mr. Abdel Aal is an Independent non-executive Board Member and Head of Internal Audit Committee of Ahram Security Group (ASG), Carina Body Wear Company, and is a founding member and head of the Training Committee of the Egyptian Private Equity Association (EPEA), and a member of the Egyptian Capital Market Association (ECMA), and part time instructor at AUC.
    Mr. Sherif has a bachelor degree in Business Administration from Ain Shams University with honors.

  • Essam Abdel Hafiez

    Essam Abdel Hafiez

    Managing Director & Head of Pharos Securities Brokerage

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    Mr. Essam Abdel Hafiez joined Pharos in 2007 and is now the Managing Director of Pharos Securities with 25 years of experience in the equities market.
    He joined Pharos in 2007, Mr. Adbel Hafiez was the Head of Local Institutions and OTC Sales at ABN AMRO and Head of trading Delta Rasmala, during which he also supervised many of the stock market’s acquisition deals; he is a highly regarded member of Egypt’s and the Arab World’s brokerage community.
    Mr. Abdel Hafiez’s efforts together with his colleagues helped transform Pharos into one of the top three brokerage houses in Egypt.
    Mr. Essam holds a BA in Commerce from Ain Shams University in Cairo in 1992.

  • Ahmed Heider

    Ahmed Heider

    Executive Director & Deputy Head of Pharos Investment Banking

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    Mr. Ahmed Heider is an Executive Director and Deputy Head of Pharos Investment Banking, with over 15 years of banking experience in the MENA region.
    Mr. Heider has a solid track record in executing milestone transactions in different sectors in the MENA region; including Banking & Non-Banking Financial Institutions, Telecoms, industrials, Pharmaceuticals & Healthcare, FMCG, and Food & Beverages. His experience involves a wide range of transactions spanning M&A, public offerings, as well as corporate and debt restructuring. Prior to joining Pharos, Mr. Heider served at HSBC and HC Securities and Investments.

  • Radwa El Swaify

    Radwa El Swaify

    Head of Research – Pharos Securities Brokerage

    Read Biography

    With 18 years of experience in investment advisory under her belt, Mrs. Radwa El Swaify joined Pharos Holding as Head of Research in 2016 after having previously held the position of Head of Regional Equity Research at Beltone Financial.
    Prior to that, Mrs. El Swaify served as Financial Sector Specialist with The World Bank Group in Washington DC and was the Sector Head for Financial Institutions Research at Beltone.
    Her vast experience in the industry includes work on several countries in the MENA and Latin American regions, with the conclusion of numerous corporate finance transactions in MENA during her time at HC Securities and Investment, where she began her career in Egypt.
    Mrs. El Swaify holds an MBA and BA in Business Administration from The American University in Cairo.

  • Ismail Shoukry

    Ismail Shoukry

    Chief Executive Officer – Pharos Gulf Limited

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    Ismail Shoukry has more than 20 years of Regional Corporate and Investment Banking experience with International, Regional and Egyptian Investment Banks.
    Ismail is currently the CEO of Pharos Gulf Limited, a recently incorporated UAE DIFC subsidiary of Pharos Holding for Financial Investments SAE. Pharos Gulf is licensed and regulated by the Dubai Financial Services Authority (DFSA) to provide Financial Advisory and Capital & Debt Raising services.
    Prior to Pharos, Ismail worked at HSBC Middle East (Dubai) as MENA Head of Structured Finance and as Head of Corporate Banking, UAE Large Corporates. He also worked at Société Générale Corporate & Investment Banking (SGCIB Dubai) as Managing Director and Head of Corporate Coverage Middle East.
    Ismail also worked in Dubai with NBK Capital and ABN AMRO.
    Between 1992 and 2004, Ismail worked in Egypt with Swicorp Sigma Egypt and HC Securities & Investment. He also worked as an Economic Assistant to the Minister of State for International Cooperation working on the Egyptian Economic Reform Program.
    Ismail has an extensive regional transaction track-record across multiple Corporate and Investment Banking products, including Corporate Finance, M&A, Debt Capital Markets, Project Finance, Equity Financing, Equity Capital Markets, Export Finance and Syndicated/Structured Lending. He also has an extensive network of clients that he has developed over his 20 years+ banking career in Egypt and the GCC across Ministries, Government Related Entities, Large Private Sector Corporates, Private Equity Firms and Banks.Ismail worked on numerous debt transactions raising more than USD20 billion in Syndicated Loans, Bonds, Project Finance and Structured Loans. He also worked on M&A and Equity related transactions worth in excess of USD8 billion.
    Ismail holds an MSc in Finance from London Business School (LBS) and a BA in Economics from the American University in Cairo (AUC). He is fluent in Arabic, English and French.

Corporate Governance

Pharos adheres to the most stringent international best practices for our industry

Pharos Holding operates a business model built on the core values of teamwork, dedication and integrity. Employing personnel with a wealth of experience spanning local, regional and international markets ensures that our practices adhere to the highest standards.

Pharos management actively promotes a culture of teamwork and dedication. Our solid IT infrastructure and highly disciplined compliance team provide one reflection of the company’s unwavering commitment to maintaining a professional code of conduct and applying the highest of ethical standards of doing business.

Our Principles

  • Teamwork is at the core of everything we do and should be encouraged and practiced.
  • Upholding the highest service standards ensures that our interests are aligned; our success stems from serving all clients well.
  • Innovation is our strength and providing a distinct offering is a key to our success.
  • Integrity and honesty must never be compromised. We act as agent for our clients, providing unbiased advice on all matters in which we are commissioned to assist.

Company Structure & Shareholders’ Structure

Pharos Holding for Financial Investments is the majority owner of: Pharos Securities Brokerage, Pharos Asset Management and Pharos Investment Banking.

Pharos Holdings’ ownership is held by the Taymour family (80%) and Financial Holding International - private investment vehicle of Sheikh Abdulla Al-Rajhy - (20%).