Egypt’s Pharos Holding is targeting deals worth EGP 7.5 bn (USD 428 mn) over the next 18 months as it moves into non-banking sectors and enters areas such as real estate financing in 2018, Reuters reports.
Chief Executive Officer Elwy Taymour says that the Cairo-based investment bank, which has private equity, asset management, securities brokerage and bookkeeping operations, aims to increase its financial portfolio by up to EGP 2 bn in 2018.
“We got two licences in financial leasing and microfinance from the Financial Supervisory Authority in February and we have already established two companies, but we haven’t started the operation yet,” Taymour says.
Taymour adds that his company is “trying to attract money from abroad to bring investment to the country, rather than seeking funds from local banks.”
Pharos also received licences from Egypt’s Financial Supervisory Authority in February to operate financial leasing and microfinance or small-scale lending businesses.
“We have strong interest in such activities and we see great growth opportunities in them,” Taymour said.
Pharos made EGP 120 mn of revenues last year and is aiming for EGP 200-250 mn in 2019/2020.
The company, founded in 2005, is 70% owned by the Taymour family, 20 % by Sheikh Abdulla Al-Rajhy, and 10 % by employees.