Back to the complete issue
Tuesday, 21 January 2020

Sawiris and co’s EGP 1 bn NBFS firm begins operations

MLF — the NBFS firm set up by Samih Sawiris and others — begins operations: MLF, a EGP 1 bn non-banking financial services (NBFS) firm set up last year by Samih Sawiris and seven other business figures, recently began operating, CEO Ahmed Zahran told Al Mal. The company is licensed under a mechanism that has just been launched by the Financial Regulatory Authority (FRA). This new mechanism allows NBFS firms to provide leasing, mortgage financing, and factoring services under a single license. Alongside Sawiris, MLF’s founding shareholders reportedly include SIAC Construction CEO Nehad Ragab, Egyptian Businessmen’s Association Vice Chairman Fathallah Fawzy, Mabany Edris CEO Mohamed Edris, Kandil Glass head Khalil Kandil, and Dorra Real Estate Development Chairman Mohamed Hassan Dorra and Managing Director Omar Dorra.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.