Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Lesser-Known Facts about Financier Talaat Harb on His Death Anniversary

Fri 13 Aug 2021 | 02:45 PM
Ahmed Emam

Today, Aug. 13 marks the death anniversary of renowned Egyptian financier Talaat Harb.

Known as the father of momentum investing after founding Egyptian Bank, Harb was named in 2020 to Enterprise's All-Century team of 12 inpiduals who have been the most influential within the soft-power edge and the national industrial sectors during the past 100 years.

Harb was a pioneer not only in spearheading the establishment of the first fully Egyptian-owned bank, but also in starting Egyptian companies in multiple sectors, according to domestic reports.

He originally created Egyptian Bank to manage assets for his country by investing in growth equities. The bank became known for its expertise in aggressive growth in equity investment management in addition to providing various forms of financial assistance to Egypt through it.

In the 1940s, he created various national business foundations, which provide millions of Egyptian Pounds in grants and loans each year to a long list of causes, many of them in Mahal city. These organizations focused on arts, architecture and preservation have benefitted, as have startup firms and small national organizations.

His bank also makes local foundations, including the textile firm in the Nile Delta of Egypt, where he had a home.

Harb also used the bank as a platform to invest in various fields, spanning the full spectrum of the economy. Notably, Harb’s idea of creating a national bank dates back before the Egyptian 1919 Revolution. However, the conditions were not favorable at that time, especially with the onslaught of World War I.

At that time, Harb’s idea was aimed to “enable Egyptians to have more influence in their own economy and to persify economic activities.

The Egyptian national bank was founded in 1920 as an agricultural bank by Harab and had a start-up capital of LE80,000.

Later on, his bank had started to become an industrial bank and was responsible for funding many of the industries that still exist in Egypt to this day, according to foreign and Egyptian economical experts.

Also in this regard, economical experts cited that the establishment and success of Banque Misr as Egypt’s second industrial revolution.

The maven economist was well-known for his seminal works, such as " Egypt Air, Al-Ahly Club, Egyptian Printing Company, the Misr Paper Manufacturing Company, the Egyptian Cotton Ginning Company, Misr Company for Film Industry, 'Studio Misr', and the Egyptian Real Estate Company.

He is survived by his four daughters: Fatma, Aisha, Khadiga, and Hoda.