Cairo – Mubasher: Al Ahly Capital Holding, the investment arm of the National Bank of Egypt (NBE), has signed an agreement to acquire Pharos Securities Brokerage.

The transaction comes in line with the NBE’s plan to establish an investment bank through its subsidiary Al Ahly Capital Holding and expand into non-banking financial services, the NBE’s chairman Hisham Okasha said in a statement on Monday.

Karim Saada, the managing director of Al Ahly Capital Holding, has been appointed as a non-executive chairman of Pharos Securities Brokerage.

Al Ahly Capital Holding has invested a total of EGP 9 billion in various sectors such as petrochemicals, agricultural industries, medical services, building materials, and industrial complexes.

With a capital of EGP 5 billion, the company has also contributed to establishing several companies, including the Egyptian Ethylene and Derivatives Company, Ahly Medical Company, and Al Ahly Company for Land Reclamation and Cultivation.

In addition, the company has played a major role as a financial advisor and key partner in the largest agricultural and industrial project for sugar production in Minya with investments of $1 billion.