MEDAF Investment has revealed that the Financial Regulatory Authority has granted its subsidiary, MEDAF Financial Leasing, a licence to commence its activities, said Hamdy Rashad, Chairperson of MEDAF Investment.
In a statement to Daily News Egypt, Rashad said the coronavirus pandemic has, however, delayed the start of the new company’s activity. It is likely to start in the second quarter of 2020.
Rashad said that the company aims to achieve a EGP 4bn portfolio by the end of 2022. This will occur through direct and indirect financing, and through entering into a number of alliances that would open new horizons for non-banking financial services.
He pointed out that the company is headed by Mamdouh Abo El Azm, while the managing director is Tarek Saif, and operations manager is Tamer Hussein. He noted that the company will strive in the coming months to expand its team further.
MEDAF is an Egyptian investment holding group, and among its most prominent shareholders is the Kuwaiti Al-Raya Al- Mutamayeza Holding. MEDAF seeks to expand its business in the Egyptian market and African countries after the acquisition of Egyptian Matrix Capital Markets Group.