Cairo – Mubasher: Emirates NBD – Egypt, a wholly-owned subsidiary of Emirates NBD, signed a EUR 30 million medium-term loan agreement with Hayat Egypt for Hygienic Products.
In line with its expansion plans, Hayat Egypt seeks to launch a plant in Ain Sokhna, with an estimated investment of $70 million, according to a press release.
The loan aims to finance future projects, which will anchor Hayat Egypt’s position as a leading player in the industry.
Moreover, the facility deal comes as a part of Emirates NBD-Egypt's growth strategy to increase its market share in Egypt's banking sector and boost its presence in the Arab Republic.
Amr El-Shafei, the Managing Director and CEO of Emirates NBD-Egypt, highlighted: "Through providing financing for hygienic product manufacturers and supporting the expansion of local manufacturing capabilities, we actively contribute to the growth and advancement of the Egyptian economy.”
“This aligns with our overarching strategy of supporting sustainable development and making positive contributions to the communities we serve, as well as our commitment to supporting Egypt Vision 2030,” El-Shafei mentioned.
Tamer Ragheb, Head of Corporate and Institutional Banking at Emirates NBD-Egypt, said: “We are excited to partner with Hayat in Egypt in financing this new expansion in the tissues production aiming to double the current production capacity dedicated to serving its widened export markets.”
“Our strategic partnership with Hayat, underlies Emirates NBD strategy to create partnerships with large multinational corporates and support them achieve their ambitions across Emirates NBD footprint in 13 countries,” Ragheb added.
During the first nine months (9M) of 2023, Emirates NBD – Egypt generated EGP 2.54 billion in net profit after tax, an annual hike from EGP 852.59 million.
