Our Team

Beltone Financial boasts one of the top research houses in the region, with the highest standards of integrity and professionalism. Its team, composed of top-notch analysts covering a variety of sectors, is proud to maintain a strong network of strategic contacts. Beltone Research endeavors to produce timely, concise and actionable notes that help investors make the best decisions.

Tarek El Shawarby

Tarek El Shawarby

Head of Research

 

Tarek El Shawarby

Head of Research

Tarek joined Beltone in October 2017 with 17 years of experience in the financial field, of which more than 13 years were with EFG Hermes in the Equity Research field. Tarek was ranked among the top twenty MENA analysts in 2016 (13th excluding sales), according to Extel Survey. Tarek joined EFG Hermes Research in 2000 as a banking analyst for four years, covering Egyptian and Kuwaiti banks before moving to the telecom industry, first at Vodafone Egypt and then in the finance department at Vodafone Group in the UK. He re-joined EFG Hermes in the Sales Strategy division covering small- and mid-caps in the GCC and North Africa for a year, before moving back to Research, where he covered diversified industries including retail, consumer, textiles, household durables, industrials, building materials, cables and healthcare (hospitals, laboratories and pharmaceuticals) coverage in Saudi Arabia and Egypt. He worked on four IPOs in Egypt: Ibnsina Pharma, Arabian Cement Company, Integrated Diagnostics Holdings (IDH), and Cleopatra Hospital.
Tarek holds a B.Sc. degree in Finance from Cairo University and has also completed the EFG Hermes Credit & Investment Course.

telshawarby@beltonefinancial.com
+202 2461 3847

Ahmed Adel

Vice President – Telecom

Ahmed Adel

Vice President – Telecom

Ahmed has more than nine years of experience in sell-side equity research, covering telecom and aviation names in the MENA region in addition to healthcare and consumers. Ahmed joined Beltone in 2015, covering healthcare and telecom. In 2017, he worked on two IPOs in the EGX, MTIE and Ibnsina. Before joining Beltone, he worked in the research houses of Naeem Holding and HC Securities & Investment. Ahmed holds a Bachelor degree in Economics from Cairo University, and attended DC Gardner’s Investment Banking course.

aadel@beltonefinancial.com
+2 02 24616382

Ali Afifi

Associate VP – Industrial & Materials

Ali Afifi

Associate VP – Industrial & Materials

Ali joined Beltone Financial in July 2017 covering the Chemicals, Industrials and Building Materials sectors in Egypt. Before joining Beltone Financial, he worked in research houses including Pharos Holding, Mubasher Financial Services and Prime Holding. Ali graduated with a Bachelor degree in Business Administration from the American University in Cairo (AUC) with a concentration in Finance and a minor in Economics.


aafifi@beltonefinancial.com
+2 02 24616408

Abdelrahman Farid

Analyst – Financials

Abdelrahman Farid

Analyst – Financials

Abdelrahman joined Beltone in January 2018 covering the financial services sector in Egypt. He graduated from the American University in Cairo (AUC) with a bachelor degree in Business Administration with a concentration in Accounting and a minor in Economics.


atarek@beltonefinancial.com
+2 02 24616310

Heba Rawy

Graphic Designer & Publisher

Heba Rawy

Graphic Designer & Publisher

Heba is graphic designer at Beltone Research since 2011. Before, she worked at Dar El Shorouk Publishing. She holds a certification in 2-D and print design from Adobe Middle East.


hrawy@beltonefinancial.com
+2 02 24616385

Alia Mamdouh

Director – Macro & Strategy

Alia Mamdouh

Director – Macro & Strategy

Alia has 13 years of experience in economic and industries research, preparing economic modeling and forecasts. Before joining Beltone in 2017 Alia was a Senior Economist at the Principal Deputy Minister’s Office in the Ministry of Investment, where she managed the establishment of the first Investment E-map, launched during the Egypt Economic Development Conference in March 2015. Previously Alia was a Senior Economist and Strategist at CI Capital Holding for 9 years. Alia acquired her Bachelor of Economics from Cairo University, and worked as a consultant with a number of local, regional and international institutions including the United Nations Industrial Development Organization (UNIDO), Embassy of Japan, Egypt’s International Economic Forum, Al-Ahly for Development & Investment and the Commercial International Bank.


amamdouh@beltonefinancial.com
+2 02 24616407

Neveen Ghonima

Associate VP – Consumers

Neveen Ghonima

Associate VP – Consumers

Before joining Beltone in 2016, Neveen worked as an equity research analyst in Pharos Holding, and was an Economics lecturer in Misr International University, and an Investment Banking intern in EFG Hermes. Neveen holds a M.Sc. in Quantitative Economics from Université Paris 1–Panthéon Sorbonne, and a B.S. in Business Administration with a concentration in Finance from the American University in Cairo (AUC), graduating Magna Cum Laude in both degrees.


nghonima@beltonefinancial.com
+2 02 24616352

Mohamed Magdi

Associate VP − Industrials

Mohamed Magdi

Associate VP − Industrials

Associate VP − Industrials

Mohamed joined Beltone in October 2017, covering the Industrial Sector in the MENA region. Mohamed comes with more than three years of experience in equity research in Prime and Sigma, where he covered mainly consumer and industrials sectors in Egypt’s public market. Mohamed is an active volunteer in the CFA Society Egypt since his participation in the CFA Research Challenge 2015 patch. He has successfully passed CFA level one exam and is sitting for level two. Mohamed graduated from Helwan University with a Bachelor in Economics.


mmagdi@beltonefinancial.com
+202 24616426

Rawan Ali

Analyst – Macro

Rawan Ali

Analyst – Macro

Rawan is a macro analyst with experience in teaching and research. She previously worked as an economic researcher for Future of a Nation Political Party, writing reports on international economic issues and their impact on Egypt’s economy. She is also a teaching assistant in Economics at the International Program of London School of Economics. Rawan has a bachelor of science in Economics from the Faculty of Economics and Political Science in Cairo University.


rali@beltonefinancial.com
+2 02 24616411

Rabab Mohamed

Translator

Rabab Mohamed

Translator

Rabab is our Arabic translator.


rmohamed@beltonefinancial.com
+2 02 24616372

Mohamed Zein

Director – Consumers, Healthcare and Industrials

Mohamed Zein

Director – Consumers, Healthcare and Industrials

Mohamed Zein has over 10 years of experience in investment research and valuation, covering over 20 industries and sub-sectors in Egypt and the GCC, with special focus on the consumer and healthcare sectors. Mohamed was voted among the top five consumer-sector analysts in the MENA region in the Thomson Reuters Extel survey in 2015. Before joining Beltone, Mohamed worked at Renaissance Capital’s MENA office in Dubai where he was responsible for the firm’s research coverage of the consumer and healthcare sectors in the region. He has a bachelor’s degree in Economics from the American University in Cairo (AUC), and is a member of the Middle East Investor Relations Association.


mzein@beltonefinancial.com
+2 02 24616412

Aly Adel

Associate VP (Healthcare & Consumers)

Aly Adel

Analyst (Telecom & Healthcare )

Aly is an equity research analyst covering Healthcare, and some consumer names. He joined Beltone Research in December 2016, and worked on the Ibnsina IPO in 2017. Aly graduated from Misr International University with a B.A. in Business Administration and International Trade. He won the local CFA research challenge in 2015 after conducting a research report and a presentation on a major steel company listed in the EGX.


amohamed@beltonefinancial.com
+2 02 24616413

Abanob Magdy, CFA

Associate VP − Financials

Abanob Magdy

Associate VP − Financials

Abanob joined Beltone in March 2019, covering the banking and financial institutions sector in Egypt and GCC region. Prior to Beltone, he was at Prime Holding’s Research department in 2018 covering the banking and financial institutions sector in Egypt. He worked at Alexbank in 2014 in the Financial Planning department where he was responsible for analyzing the banking industry and the bank’s performance among its peers in Egypt and CEE economies. Abanob started his career in 2013 at Deloitte as a Financial Auditor, covering tourism and real estate sector in audit, consolidation, and due diligence assignment. Abanob earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute. He graduated from Ain Shams University with a Bachelor degree in Finance.


afouad@beltonefinancial.com
+202 24616390

Dr. Jacinthe A. Assad

Editor

Dr. Jacinthe A. Assad

Editor

Jacinthe was living in the US and teaching at various universities for ten years before joining Beltone in November 2018 as Research Editor. She has a Ph.D. in comparative literature from the University of Washington in Seattle.


jassaad@beltonefinancial.com
+2 02 24616479

Ahmed Hesham

Vice President – Financials and Equity & Quantitative Strategy

Ahmed Hesham

Vice President – Financials and Equity & Quantitative Strategy

Ahmed recently joined Beltone in the Macro Strategy Research Team where he is responsible for recommending MENA and Frontier sector allocations for equities as well as developing and marketing the firm’s quantitative equity strategy to institutional and individual clients. Prior to his appointment at Beltone Financial, Ahmed led CI Capital’s Quantitative Research efforts, and was also a MENA banks analyst, co-covering 16 banks (12 in Saudi Arabia and 4 in the UAE) for almost two years. Before that, he was Vice President of Quantitative Research at EFG Hermes for more than eight years. Ahmed has a Master of Arts in Economics with a double major in International Trade and Economic Cooperation with honors from Kyung Hee University, South Korea.


ahhassan@beltonefinancial.com
+2 02 24616442

Adham Hesham

Associate VP – Real Estate

Adham Hesham

Associate VP – Real Estate

Adham worked in the textile industry as a financial analyst and assistant to the CFO, before joining Beltone in June 2014 as an equity research analyst covering the real estate and consumer food sectors in Egypt. Adham is currently finishing his M.Sc. in Finance at AUC, and expects to complete it in 2018. He graduated from the American University in Cairo (AUC) with a Bachelor degree in Business Administration with a concentration in Finance.


ahesham@beltonefinancial.com
+2 02 24616404

Toka El-Wazery

Analyst − Diversified

Toka El-Wazery

Analyst − Diversified

Toka joined Beltone in May 2018, covering diversified sectors in Egypt and healthcare in Saudi Arabia. She won the local CFA research challenge in 2017 for her research on a major F&B company listed on the EGX. Toka graduated with a double degree in Accounting and in Business Administration from the American University in Cairo (AUC) with a concentration in Finance and a minor in Economics, with highest honors in both degrees.


telwazery@beltonefinancial.com
+2 02 24616420

Shahira Mohamed

Senior Publication Coordinator

Shahira Mohamed

Senior Publication Coordinator

Shahira has been working in Beltone for over 10 years. She is in charge of publications in the Research department.


smohamed@beltonefinancial.com
+2 02 24616384