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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.

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