Majid Al Futtaim signs $150 million investment deal in Egypt
In a move to strengthen strategic business efforts, Majid Al Futtaim, President of the Majid Al Futtaim Group of Companies recently announced a new joint investment company, Oasis Capital Egypt, to concentrate on investing in private ventures in Egypt.
Oasis Capital Egypt, worth US$150 million, is a joint partnership between Mr. Majid Al Futtaim (30%), Mr. Naguib Sawiris of Orascom Telecom (40%) and Ms. Lubna Olayan of Olayan Financing Company (30%). This is the first time that an alliance between three such dominant corporations takes place in Egypt.
Targeting investment figures in the range of US$ 25 million and US$ 35 million, the forthcoming company will seek majority stake ownership in companies that are located throughout Egypt with the goal of investing in those that have not yet realized their full potential.
“Oasis Capital Egypt is an initiative that reflects on our confidence in the future of the economic development of Egypt,” commented Francois de Mountaudoin, CEO of Majid Al Futtaim Holding. “Our partnership with Orascom Telecom and Olayan Financing Company will create an opportunity for us to increase our competitiveness, fuel further growth in the region, and enable us to continue to enhance our reputation as one of the most successful businesses in the Middle East.”
Oasis Capital Egypt is set to bring the Egyptian economy several new benefits through its provision of capital and expert industry guidance, contributing to the development of different businesses ranging from industrial and manufacturing to consumer goods and textiles. It will work through a local Egyptian management company established for the sole purpose of this venture, with a highly qualified team of managers.