UAE – Mubasher: The UAE-based MBF National Group announced that it has signed a $100 million investment partnership with the National Bank of Egypt (NBE), offering innovative solutions in multiple sectors in Egypt, the company said in a recent statement.
Shaikh Mohammed bin Faisal Al Qasimi, chairman and CEO of MBF, inked the deal with Hussain Al-Tantawi, executive director of the National Bank of Egypt at Dubai International Financial Centre (DIFC), at the headquarters of the MBF Group in Jumeirah, Dubai.
Under the deal, MBF will provide about $30 million, the National Bank of Egypt will provide $ 20 million, and the $ 50 million investment will be raised, according to the statement.
The $100 million investment partnership will be used to finance health, education, and business projects that will be implemented in Egypt during the coming period.
“The partnership with the National Bank of Egypt aims to implement projects in several Egyptian governorates and benefit each other by facilitating the potential and supporting investment relations through the National Bank of Egypt,” Al Qasimi commented on the deal.
He pointed out that the UAE group has a global capacity to execute large and unique projects.
Al Qasimi noted that a business agenda and partnership strategy will be set up in the coming period regarding Egypt’s projects, describing this partnership as one of the most important achievements of MBF in 2019.
