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

Ahmed Hesham

Vice President – Equity and Quantitative Strategy

Ahmed Hesham

Vice President – Equity and 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

Soha Saniour

Associate VP – Industrials & Materials

Soha Saniour

Associate VP – Industrials & Materials

Before joining Beltone in 2016, Soha worked in Pharos Securities Brokerage Firm as an analyst in the building materials sector. At Beltone, Soha covers industrials stocks and logistics names in Egypt and the MENA region. Soha was awarded the President’s Cup when she graduated top of her class in 2014 from the American University in Cairo (AUC), with a concentration in Finance and a double minor in Economics and Accounting.


ssaniour@beltonefinancial.com
+2 02 24616414

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

Nancy Fahmy

Director – Financials & Real Estate

Nancy Fahmy

Director – Financials & Real Estate

Nancy has over 12 years of experience in the sell-side equity research. She joined Beltone Research in 2006. In 2011, Nancy headed the financial services sector, overseeing the coverage of over 40 financial services stocks in more than seven countries across the MENA region, including Egypt, UAE, Qatar, Saudi Arabia, Kuwait and Lebanon. She holds a BA in Business Administration with a concentration in Finance from the American University in Cairo (AUC).


nfahmy@beltonefinancial.com
+2 02 24616390

Mohamed Marei

Associate VP – Real Estate

Mohamed Marei

Associate VP – Real Estate

Mohamed joined Beltone in May 2018, covering the real estate sector. In 2013, he joined Emirates National Bank of Dubai (ENBD) where he worked for a year in financial control. Later on, he moved to Cairo Financial Holding Asset Management team, and then Prime in December 2015, covering over 30 stocks. Mohamed is currently a CFA Level 3 candidate, and he also received the American University in Cairo Professional Banking Credit and Risk Management Certificate. Mohamed graduated from the German University in Cairo (GUC) in 2013, with double majors in Finance and Economics.


mmarei@beltonefinancial.com
+2 02 24616457

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

Jacinthe A. Assaad

Editor

Jacinthe Assaad

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

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

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


Aly Adel

Analyst (Telecom & Healthcare )

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

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