H.E. Dalia Khorshid | Group CEO and Managing Director
Former Minister of Investment | Arab Republic of Egypt
Dalia Khorshid is the Chief Executive Officer and Managing Director at Beltone Holding (BTFH.CA) – a leading, full-fledged investment bank in the MENA Region. Khorshid boasts over 25 years of global experience in various leadership roles across the banking and financial sector, having advised on landmark transactions including private placements, investment strategies, and M&A deals in the region.
H.E. Dalia Khorshid’s career spanned the private and public sectors. She founded and chaired MASAR Financial Advisory and Eagle Capital for Financial Investment where she advised on fundraising, corporate finance, project finance, M&A advisory and management of more than 50 strategic investments and transactions worth c.USD 44 billion. Khorshid is also the former Minister of Investment for the Government of Egypt where she led the charge on the country’s investment law and successfully launched Egypt’s 3-5-year IPO program.
Prior to her ministerial tenure, Khorshid spent 11 years as Executive Vice President & Group Treasurer at Orascom Construction Limited and Head of Investment Banking and Corporate Finance at OCI NV (2008-2016) where she successfully spearheaded the groups’ multi-billion-dollar fundraising initiatives. Khorshid was the Vice President of Corporate Finance and Investment Banking at Citibank for the MENA region (1997-2005) where she brought numerous multi-million-dollar deals to completion. Khorshid started her corporate career at Commercial International Bank (CIB) (1994- 1996).
In addition, Khorshid has held board appointments across local and regional private and public sector organizations. She is the former Chairwoman of the General Authority for Investment and Free Zone (2016-2017), Chairwoman of Egypt’s Dispute Resolutions Committee (2016-2017), Chairwoman of the Sovereign Wealth Fund Committee (2016-2017), Founder and Executive Head of the Supreme Investment Counsel (2016-2017), Board Member at the Egyptian General Petroleum Corporation EGPC (2016-2017), Board Member at New Cairo Urban Communities Authority NUCA (2016-2017), Board Member at the Industrial Development Authority (2016-2017), Board Member at the Agricultural Development Authority ADA (2016-2017), and Board Member at the General Authority for Suez Canal Economic Zone (2016-2017).
In recognition of her impact across the market, Khorshid was recognized in 2017 by Forbes Magazine as one of the most powerful Arab women.
She holds a BA in Business Administration from The American University in Cairo (AUC).
Shahir Nashed | Deputy CEO and Group CFO
Shahir Nashed has served as Deputy CEO and Group CFO of Beltone Holding (BTFH.CA) – a leading, fully-fledged investment bank in the MENA region – since 2022. Nashed is a seasoned financial executive with extensive expertise in the field of finance and investment.
Prior to joining Beltone Holding, Nashed held key positions in key Egyptian organizations. As a Partner and an Executive Board Member at MASAR for Financial & Economic Advisory (2017-2022) and Executive Director at Eagle Capital for Financial Investments (2016-2017), he advised on new projects and capital restructurings. Between 2008 and 2017, Nashed was the Director of Corporate and Project Finance at Orascom Construction Limited, where he was responsible for the Group’s debt raising activities, including corporate and project finance debt structures as well as hedging. He also worked with international and local financial institutions in addition to export credit agencies to develop innovative financing structures.
Nashed’s notable accomplishments also included previously serving as an Independent Non-executive Board Member at Société Arabe Internationale De Banque (SAIB) and as Advisor to the Egyptian Minister of Investment, where he promoted direct and indirect investments in Egypt and was part of the team that worked on Egypt’s new Investment Law.
Nashed received his Bachelor’s in Accounting and Economics from the American University in Cairo.
Mohamed Aboulfadl | Deputy CEO and Head of Investment Banking
Mohamed Aboulfadl currently holds the position of Deputy CEO and Head of Investment Banking at Beltone Holding (BTFH.CA) – a leading, full-fledged investment bank in the MENA region. He boasts over 19 years of experience in the financial industry spanning the public and private sectors.
Before joining Beltone Holding, Aboulfadl held the position of Managing Director for MASAR for Financial & Economic Advisory. Prior to that, he served as Executive Director at Eagle Capital for Financial Investments. His expertise and leadership were recognized during his tenure as an Economic Advisor to the Egyptian Minister of Investment, where he advised on the state-run IPO program, the establishment of the first Egyptian Sovereign Wealth Fund, as well as the country’s Investment Policy.
Additionally, Aboulfadl served as Senior Director and Deputy Head of Investment Banking at Cairo Financial Holding, and Assistant Vice President of Corporate Finance at Barclays Bank Egypt.
Aboulfadl previously held board positions at MASAR for Financial & Economic Advisory, Banque Misr, and Misr Capital.
He received a bachelor’s in economics from the American University in Cairo.
Ibrahim Safwat | Deputy CEO and Head of Private Equity and NBFIs
Ibrahim Safwat is currently Deputy Group CEO and Head of Private Equity and NBFIs of Beltone Holding (BTFH.CA) – a leading, full-fledged investment bank in the MENA region – a position he has held since September 2022. Safwat brings over 20 years of experience in investment management and business development.
Prior to joining Beltone Holding, Safwat was Partner and Managing Director at MASAR for Financial and Economic Advisory (2019-2022) and Executive Director at Eagle Capital for Financial Investments (2018-2019).
Safwat’s notable positions include Portfolio Growth Manager at Royal Dutch Shell where he played a vital role in managing growth opportunities, developing portfolio strategies, and structuring M&A deals in the MENA region. Prior to that, he spent a decade at the gas major BG Group, where he held various positions, including Lead Economist, Principal Economist, and Upstream Commercial Manager. During this time, he successfully delivered major oil, gas, and LNG projects across different regions, including the East Mediterranean, Africa, and Europe.
His career began in investment banking and corporate finance, working at the National Bank of Egypt and Arab African International Bank (AAIB). He played a crucial role in delivering key IPOs in the EGX as well as handling valuations, syndicated loans, and bond issuances.
Safwat holds a Doctorate in Investment as well as an MBA and a Bachelor’s in Commerce from The Arab Academy for Science and Technology. He also completed the Cranfield University Leadership Program.
Sherry Bishara | Chief People and Corporate Sustainability Officer
Sherry Bishara has served as the Chief People and Corporate Sustainability Officer at Beltone Holding (BTFH.CA) – a leading, fully-fledged investment bank in the MENA region – since early 2023. With over two decades of experience, Bishara has a strong background in human resources management and a strong commitment to sustainability, bringing a wealth of knowledge and expertise to her role.
Prior to joining Beltone Holding, Bishara held the position of Group Human Resources Director and was a board member on the executive committee at Suez Cement-Heidelberg Cement Group (2015-2022). During her tenure, she played a key role in shaping the organization's human resources strategies and was instrumental in driving employee engagement and development initiatives as well as establishing Heidelberg’s training center in Egypt.
She previously held positions at Orascom Construction Industries, where she served as the Human Resources Director from 2008 to 2015 and as the Human Resources Manager from 1998 to 2008. Her expertise in talent acquisition, performance management, and organizational development has been instrumental in driving success in these roles.
Additionally, Bishara has been actively involved in various leadership roles. She served as the Board Treasurer at the Raie MISR Foundation for Developmental (NGO) and as a Committee Member at the FRA Board Quality Committee, highlighting her commitment to social responsibility and community development.
Her impressive track record in the field has been recognized numerous times. In 2020, Bishara was nominated as one of the Top 30 Influencer Women in the cement industry in Africa and in 2021 she was selected as a Committee Member at the FRA Board Quality Committee for Empowering Women Initiative.
Bishara holds an MBA from ESLSCA and a Bachelor’s in Commerce from Helwan University.
Mamdouh Abdelwahab | Chief Communications Officer
Mamdouh Abdelwahab is a seasoned investor relations, strategic communications, corporate governance and investments professional with over 24 years of experience in sectors ranging from real estate, telecommunications and financial services. Abdelwahab joined Beltone Holding in August 2023 as Chief Communications Officer where he is responsible for managing the company’s investor relations, marketing, communications and media relations functions.
Abdelwahab’s track record includes more than USD1 billion raised in transactions including listings on Nasdaq and an IPO on SIX Swiss Exchange, as well as other capital raisings and rights issues.
Prior to joining Beltone, he was Investor Relations and Investments Associate Vice President at Palm Hills Developments where helped enhance the company’s visibility and reputation, secure equity financing, and execute strategic transactions and partnerships. Earlier, Abdelwahab took up the dual post as Head of Investor Relations at Global Telecom Holding (GTH) as well as Investor Relations Officer for the Africa & Asia Business Unit of GTH’s parent company VEON. During his time there, he was able to improve GTH’s liquidity and global market perception, leading its market capitalization to almost triple to over USD 4 billion in under 18 months.
Before joining GTH, Abdelwahab was Director of Investor Relations at Orascom Development Holding AG, where he was instrumental in the incorporation and IPO of the company on the Swiss Stock Exchange and listing the first Egyptian Depository Receipts on the Egyptian Exchange. He has also served with EFG Hermes and Commercial International Investment Company on the private equity side.
He received his Master of Business Administration from Maastricht School of Management in 2008.
Dalia Shafik | CEO and Managing Director – Beltone Asset Management
Dalia Shafik currently serves as the CEO and Managing Director at Beltone Asset Management (BAM) – a subsidiary of leading, full-fledged investment bank Beltone Holding (BTFH.CA). With a remarkable career spanning more than two decades in the financial industry, she is responsible for setting BAM’s strategy, policies, objectives, initiatives, and investment strategies.
Shafik joined BAM in 2012 as Head of Equities where she was responsible for devising portfolio investment strategies along with chairing the investment committee that oversees asset classes and regional allocation and research coverage. Between 2012 and 2019, Shafik successfully grew regional equity AUM sevenfold, with all equity mandates ranking in the top quartile of their respective categories.
Prior to joining BAM, Shafik held the position of Managing Director and Chairman of Hermes Fund Management (2004-2007) where she managed all onshore Egypt local equity funds along with the Egypt focused offshore EFG Hermes Egypt Fund. The EFG Hermes Egypt Fund has been ranked top performing fund in the world by the Herald Tribune between 2004 and 2007 and was assigned an A rating by Standard & Poor’s.
Prior to joining Hermes Fund Management, Shafik was the Managing Director of the Egyptian Portfolio Management Company, acting as the principal manager for Egypt and regional sovereign equity mandates. She also held the position of senior financial analyst at the Research Department in Cairo and Alexandria.
Shafik holds an MBA and BA in Business Administration from the American University in Cairo.
Wafik Dawood | CEO and Managing Director – Beltone Securities Brokerage
Wafik Dawood has been the CEO and Managing Director of Beltone Securities Brokerage (BSB) – a subsidiary of leading, full-fledged investment bank Beltone Holding (BTFH.CA) – since May 2020. With an impressive career spanning over 18 years, Dawood brings invaluable expertise in equity sales and his strong track record in managing institutional clients globally. Moreover, he has been overseeing the firm's operations and driving its strategic growth initiatives.
He originally joined Beltone Holding in 2017 as the Head of Equity Sales, where he successfully led a dedicated team responsible for serving institutional clients across Egypt, the GCC, Europe, South Africa, the US, and other key global destinations.
Dawood’s extensive experience in the financial services industry includes holding various positions in the top investment banks in Egypt. He previously served as a Portfolio Manager at Compass Capital.
He holds a Bachelor’s in Business Administration from Sadat Academy/University of New Brunswick in Canada.
Ali Mokhtar | CEO – Beltone Venture Capital
Ali Mokhtar currently serves as CEO of Beltone Venture Capital (BVC) – a subsidiary of leading, full-fledged investment bank Beltone Holding (BTFH.CA). Mokhtar brings to the role over 13 years of experience in the non-bank financial sector in Egypt and the MENA region.
Mokhtar’s journey in the financial industry began at Beltone Holding, where he held several positions between 2010 and 2020 in Corporate Finance and Asset Management. His experience includes serving as Director and Head of Equity at both Beltone Asset Management and EFG Hermes Asset Management. In his capacity, he was responsible for formulating the strategy for all mandates investing in Egypt. He was responsible for managing c.EGP 7 billion in AUMs ranging from equity funds, balanced funds, portfolios for sovereign entities, and high-net-worth-individual portfolios. In addition, he was responsible for research coverage of various sectors across the MENA region.
Furthermore, Mokhtar assisted a number of Egyptian startups across various sectors during their pre-seed and seed fundraising rounds in his role as consultant and part of their advisory boards — raising more than USD 30 million in necessary capital to fuel their growth and success. In June 2022, Mokhtar played a crucial advisory role to Talabeya (an FMCG B2B e-commerce platform) in its successful acquisition by MNT-Halan.
Mokhtar holds an Executive MBA from London Business School and a dual Master’s degree in Finance from Antwerp Management School and Fordham Gabelli School of Business.
Magd Darwish | CEO – Beltone Consumer Finance
Magd Darwish is the CEO of Beltone Consumer Finance (Seven), a subsidiary of the leading, full-fledged investment bank Beltone Holding (BTFH.CA). His expertise in the fields of consumer finance, fintech, and business development has introduced new concepts and enhancements to Seven, aiming to position it as a key player in the Buy Now, Pay Later (BNPL) industry.
In 2012, Darwish co-founded and was the Managing Director of Waffarha, the first coupon platform in Egypt. Darwish also reshaped and developed the consumer finance experience through multiple roles including Vice President of Consumer Finance at Opay, Business Development Director at Premium International for Credit Services, and Business Development Consultant at a JV between Sarwa Capital and Premium Int’l. Furthermore, Darwish was one of the co-founders of valU, a subsidiary of EFG Holding, where he demonstrated his ability to drive strategic partnerships and create value for the organization.
Moreover, Darwish founded three financial services companies that cater to different target groups and offer a range of experiences to meet the demands of the Egyptian market and was one of the early creators of loyalty programs and discount card modules in the industry.
Darwish holds an MBA from ESLSCA and received his Bachelor’s in Business Administration from Cairo University.
Amir Ghannam | CEO – Beltone Leasing & Factoring
Amir Ghannam joined Beltone Leasing & Factoring – a subsidiary of the leading, full-fledged investment bank Beltone Group (BTFH.CA) – as CEO in 2023. Ghannam brings over 20 years of experience in corporate banking, syndications, corporate finance, M&A, and NPL recovery at key private and public financial institutions throughout Egypt.
Previously, Ghannam spent four years as General Manager-Large Corporate Banking Head at Arab African International Bank (AAIB) where he built the team responsible for onboarding new corporate relationships and managing existing portfolios. Prior to that, he held several positions including Senior Manager of Corporate and Institutional Banking and Vice President of Large Corporate Banking and Syndicated Loans at Arab Bank. In 2012, Ghannam was instrumental in the establishment of the Islamic investment banking and Islamic corporate finance functions at Abu Dhabi Islamic Bank-Egypt. In 2008, Ghannam established the Syndicated Loan Division at the National Bank of Egypt (NBE), paving the way for the bank’s leadership in this space. Ghannam’s extensive track record in the banking industry also saw him spend time at Arab International Bank, BNP Paribas, and Misr International Bank.
Ghannam also served on the board of Arab African International Leasing (AAIL), the leasing arm of AAIB.
He holds a Bachelor’s of Commerce from Cairo University.
Morcos Salib | CEO – Cash for Microfinance
Morcos Salib CEO of Cash for Microfinance, a subsidiary of the leading, full-fledged investment bank Beltone Holding (BTFH.CA), with a strong background in microfinance, Salib has played a pivotal role in establishing Cash, a Minya-based microfinance firm that was fully acquired by Beltone during 4Q2023.
His knowledge and expertise in the fields of microfinance and business management have enabled Salib to navigate the complexities of the microfinance industry and drive Cash’s growth, empowering individuals and businesses in underserved communities through accessible financial services.
In 2020, Salib founded Cash and assumed the role of CEO, laying the foundation for the organization's success in the field. Under his leadership, Cash experienced remarkable growth in a short span of time, expanding its operations to five governorates in Upper Egypt. Cash achieved a significant milestone by being the first microfinance institution to establish its headquarters in Al Minya.
Between 2003 and 2020, Salib held various positions at the Coptic Evangelical Organization for Social Services (CEOSS), including Head of Microfinance. Salib was also a co-founder of CEOSS's lending program, where he played a pivotal role in establishing the risk management and auditing functions, shaping and training the administrative team and developing the organizational structure and developing comprehensive systems and policies. During this period, Salib managed investments worth c.EGP700 million and actively contributed to the development of systems, policies and the training of professionals who later oversaw numerous companies and institutions involved in microfinance activities.
Salib holds a bachelor’s degree in commerce from Cairo University.
Hassan Abdelnabi | CEO – Beltone Mortgage
Hassan Abdelnabi joined Belton Mortgage – a subsidiary of leading, full-fledged investment bank Beltone Group (BTFH.CA) – as CEO in 2023. Abdelnabi brings over eight years of executive managerial experience in the commercial real estate sector.
Previously, Abdelnabi spent four years as Commercial Senior Manager at Palm Hills Developments where he played a pivotal role in establishing the commercial sector in 2019. He developed and executed comprehensive strategies for sales, marketing, and development, resulting in the successful launch of seven new projects and achieving significant sales growth.
Prior to his role at Palm Hills Developments, Abdelnabi served as Managing Director at Redwoods, a property consulting firm. He reported directly to the board of directors and managed a large team while overseeing all sales aspects of numerous projects. He successfully closed deals with major developers, implemented new commission schemes, and established an elite sales force achieving over EGP 600 million in the first year.
Abdelnabi holds a Bachelor of Science in Computer Science and Software Engineering from October University for Modern Sciences and Arts.
Khalil El Bawab | CEO for Local and Regional Markets
Khalil El Bawab joined Beltone Holding (BTFH.CA) – a leading, full-fledged investment bank in the MENA region- in October 2023 as CEO for Local and Regional Markets, where he is responsible for leading asset management, brokerage, and wealth management. El Bawab brings over 25 years of experience in investment banking, treasury, asset management, brokerage, and direct investments. His track record includes managing more than EGP 38 bn in Assets Under Management, DCM advisory on issues over EGP 50 bn for several issuers, as well as few direct investment deals.
Prior to joining Beltone, El Bawab was the CEO and Managing Director of Misr Capital, Banque Misr’s Investment Banking Arm, for five years. He was also the Chairman of Misr Capital Fixed Income Brokerage, a board member of the Egyptian Investment Management Association, and a non-executive board member in BM Lease, Misr Digital Transformation, and Misr Takaful Insurance.
Before that, he spent more than 11 years at EFG Hermes Asset Management, where he served as Head of Fixed Income Division, Managing Director of Hermes Fund Management, and a key member of the Investment Committee overseeing the Fixed Income Investment Team. In this capacity, he successfully managed a wide variety of money market funds and discretionary portfolios for some of the region’s premiere banks, institutions, and high-net-worth individuals. During his time there, the AUMs of the fixed income mandates grew more than seven folds, reaching EGP 18 bn.
His previous experience also includes serving as the Assistant Chief Dealer at Arab Bank plc's Treasury and Capital Markets Department.
El Bawab holds a master's degree with distinction in banking and finance from the Maastricht School of Management and a bachelor’s degree with high honors in finance from the American University in Cairo.
Basma Rady | Chief Data Scientist
Basma Rady is a highly accomplished professional currently serving as the Chief Data Scientist at Beltone Holding (BTFH.CA), a leading investment bank in the MENA region. With a strong background in data science and advanced analytics, Basma brings a wealth of expertise to her role in Beltone since early 2023.
In addition to her role at Beltone, Basma is currently serving as an Adjunct Faculty of Data Science in the Mathematics and Actuarial Science Department at the American University in Cairo. Before joining Beltone, Rady was the Founder and Head of the Data Science and Advanced Analytics Hub at the Central Bank of Egypt (2020-2023). In this capacity, she spearheaded the development of the hub’s strategy, vision, mission, and operating model to successfully launch the hub within six months. She led a cross-functional team that delivered data science and analytics projects that provided the Governor with near real time view of Egypt’s economy, leveraging state-of-the-art machine learning and natural language processing techniques.
Prior to her work at the Central Bank, Rady served as a Data Science Manager in the Transaction Advisory Services division at Ernst & Young in Dubai (2016-2020). Her expertise in data analysis and machine learning contributed to the success of various projects for clients across the MENA region including conducting current state assessment of data and analytics maturity, designing organization-wide advanced analytics vision and roadmap of use cases, and leading the implementation of end-to-end data analytics projects.
Rady holds a Master's degree in Operations Research and Information Engineering with a concentration in Financial Engineering from Cornell University and received a Bachelor's degree in Actuarial Science and Business Administration (Finance) from the American University in Cairo.
Ahmed Hafez | Head of Research
Ahmed Hafez currently serves as the Head of Research at Beltone Holding (BTFH.CA) – a leading, full-fledged investment bank in the MENA region. He leverages over 18 years of experience in the financial industry, bringing in a wealth of knowledge and expertise to his role to drive the organization's research strategies.
Before joining Beltone Holding, Hafez was Head of MENA Research at Renaissance Capital (2018-2022), where he focused on Egypt’s macro and equity strategy, covered consumer names and diversified industrials in Egypt, Saudi Arabia and Morocco, and worked on multiple IPOs. Prior to that, Hafez was Co-Head of Research at HC Brokerage (2011 to 2018), where he helped rebuild the equity research team and covered a number of sectors in Egypt, including steel, petrochemicals, cables, and private equity. Additionally, he gained valuable experience as MENA Equity Analyst at HSBC Securities in Cairo (2007-2011), where Extel recognized his work as part of the Top Ranked MENA Research Team.
Hafez holds a Bachelor of Economics and Political Science from Cairo University.
