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Monday, 9 March 2020

Al Ahly Capital, UAE’s MBF Group to set up healthcare company in Egypt

INVESTMENT WATCH- Al Ahly Capital, UAE’s MBF Group to set up healthcare company in Egypt: Al Ahly Capital Holding, the investment arm of the National Bank of Egypt (NBE), is looking to set up a company with the Emirati MBF Group to invest in Egypt’s healthcare sector, Emirati news agency WAM reports. MBF founder Sheikh Mohamed bin Faisal Al Qasimi and several senior NBE representatives said following a meeting yesterday that the company will purchase an undisclosed Egyptian hospital as an initial investment, and announced ambitions to become one of the biggest healthcare services companies in the country with a presence in all of Egypt’s governorates.

Al Ahly and MBF have not yet agreed on how they will split the ownership of the company, Al Ahly Capital’s head of investment, Karim Abou Al Naja, told the local press following the meeting, and neither company has provided details on how much they will invest in the venture. A formal agreement is expected to be signed by the two companies in Dubai before the end of April.

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