MBF Group ties up with NBE

Business Bureau, Gulf Today

Sheikh Mohammed Bin Faisal Al Qasimi, Chairman and CEO of MBF Group has signed an investment partnership with Hussain Al-Tantawi, Executive Director of the National Bank of Egypt  (NBE), at (DIFC) office, in the presence of Tariq Al Ghazali, General Manager of the Bank’s representative office in the UAE.

Under the terms of the partnership, MBF will provide about $30 million, the National Bank of Egypt will provide $ 20 million, and the $ 50 million investment will be raised. The total value of the partnership is $ 100 million; the investment projects will be implemented in Egypt during the coming period. Sheikh Mohammed Bin Faisal said in a press statement: “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.”

“The MBF Group has a global capacity to execute large and unique projects. This partnership is a great addition to the Group’s efforts to build strategic partnerships with the banking sector and invest these partnerships in the completion of its health, education and business projects.”

He pointed out that the partnership concluded with the National Bank of Egypt will serve many objectives and will enable our national group to utilize more efficient and flexible financing to achieve the Group’s ambitious expansion plans.

Sheikh Mohammed confirmed that the executive procedures will be started during the coming period and that the necessary funds will be obtained according to the governmental systems in Egypt. The group will prepare the documents required to establish in cooperation with the National Bank of Egypt.

He pointed out that a timetable has been set up to complete the establishment procedures and start implementing the joint projects between them.