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Standard Chartered chief aims for ‘100 years’ in Egypt

By Shruthi Nair

As Standard Chartered plans its expansion into Egypt, the company’s regional CEO warns that the region “is not immune” to global economic turmoil.

“If there is going to be a steep recession in the US and Europe, then the impact will be felt here,” said Sunil Kaushal, CEO of Standard Chartered Africa and Middle East, during an exclusive video interview with AGBI. 

The region has been resilient in the past few years as a result of the convergence of positive factors. 

“Higher oil prices which have been inflationary for other countries have benefited the region. We’ve also seen diversification of economies take place. And we’ve seen the human resource pool in the region become more productive over the years,” he explained. 

Two challenges that could threaten the region’s growth trajectory are interest rates, if they remain higher for longer, and the ongoing geopolitical conflict. 

“You cannot have sustained economic growth without peace and stability. So let’s hope this recent geopolitical issue is contained and resolved soon or it will have an impact on growth rates,” he added. 

Watch the full video to learn more about their expansion into Egypt and understand why Kaushal urges Saudi Arabia to diversify its sources of capital.

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