People may come, people may go but their memories stay forever and remain in our minds. And this is exactly what happens with legends like renowned Egyptian financier Talaat Harb, who was the founder of the first Egyptian Bank.
Harb has been called the father of Egypt’s national economy; he is widely revered as one of the greatest economists and decision-makers of all time and the most diversely successful person to have ever walked on the earth.
Born in Cairo on July 30, 1876, Harab earned his degree from the faculty of Law, where he studied Economic laws. Take a look at the legendary Banker’s lesser-known facts:
Known as the father of momentum investing after founding Egyptian Bank, Harb was named in 2020 to Enterprise’s All-Century team of 12 individuals 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.
Harb, who was notable for his immense contribution to the banking industry, 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.
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 purpose was aimed to “enable Egyptians to have more influence in their own economy and to diversify 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.
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.
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.
The remarkable and influential Egyptian economist passed away on 13 August 1941 of old age.