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Raya sells 20% of Aman’s shares to GCB - Daily News Egypt

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Raya sells 20% of Aman’s shares to GCB

We plan to rely on the solutions of Internet of Things, big data, and 4G technologies in 2017, says Abdel Rassoul 

Medhat Khalil, chairperson of Raya Holding, said that the company has entered into an agreement with the Gulf Commercial Bank (GCB) for the latter to acquire 20% of the shares of Aman for electronic payment, noting that signing the agreement was already done with the bank; however, Raya has not received the money yet. Raya established Aman in 2016 with EGP 100m capital.

On the other hand, Khalil explained that the predictions of the market indicate a decline in expenditure in some sectors due to the devaluation of the Egyptian pound; however, better financial results are expected this year.

According to Khalil, Raya has made revenues worth EGP 805m last year, with an increase of EGP 218m compared to 2015, achieving a growth of 37%. Raya has witnessed a noticeable growth over the past three years with revenues worth EGP 474 in 2014, an increase of EGP 74m compared to 2013.

Hesham Abdel Rassoul, CEO of Raya Information Technology, said the company’s strategy in the local and regional market is based on several main axes, the most prominent of which relies on the solutions of the Internet of Things (IoT) and big data, where research from Gartner Consulting and Research showed that the rate of expenditure in the Middle East and North Africa (MENA) region on IT will exceed $156bn in 2017, with a 2.4% increase compared to 2016.

The company is also working to focus on electronic payment and financial inclusion solutions. The most prominent financial solutions the company offers to the banking system is the conversion of bank branches into electronic ones, as well as establishing ATMs, self-service machines, and 4G technology.

According to Abdel Rassoul, the company plans to focus on several sectors this year, including government, banking, and telecommunications.

Topics: Aman Raya Holding

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