Emirates NBD Egypt has signed a significant financing agreement with Arabian Construction Company (ACC), one of the leading construction firms in the Middle East, providing EGP 2.5 bn in credit facilities, Invest-Gate reports.
This strategic partnership aims to bolster ACC’s ongoing and future projects in Egypt and the GCC region, reinforcing the shared commitment of both entities to drive economic growth and contribute to pivotal sectors that align with Egypt’s Vision 2030.
This partnership builds on the long-standing and successful relationship between Emirates NBD Group and ACC in the UAE, a collaboration that has thrived over the years.
By extending this proven successful collaboration into Egypt, Emirates NBD Egypt is further reinforcing its presence in the Egyptian banking sector and enhancing its ability to support large-scale, impactful projects that contribute to the country’s economic growth and development.
The signing ceremony was attended by prominent leaders from both sides. Attendees from Emirates NBD Egypt included Amr El-Shafei, CEO and Managing Director; Tamer Ragheb, Head of Corporate and Institutional Banking; Khalid Yehia, Head of Multinational Corporates; and Mostafa Ashraf, Team Head of Multinational Corporates.
Representing ACC were Maher Merehbi, Group CEO; Ismail Magdy, CFO of ACC Egypt, North and West Africa; and Salah El-Kady, ACC Branch Manager in Egypt.
Amr El-Shafei emphasized the significance of the partnership, stating: “This collaboration between Emirates NBD Egypt and ACC not only underscores our commitment to empowering key sectors like construction but also represents a strategic milestone in our growth journey. Partnering with a prominent player in the construction industry enables us to accelerate our expansion, diversify our portfolio, and enhance our ability to deliver innovative financial solutions.”
For his part, Maher Merehbi expressed his enthusiasm: “We are pleased to partner with Emirates NBD Egypt, as this credit facility will empower us to pursue new projects and expand our operations both in Egypt and beyond. The support from Emirates NBD Egypt is pivotal to our growth strategy, and we are confident that this partnership will yield significant benefits for both parties.”