Emirates NBD-Egypt anchors manufacturing sector via partnership with GV Developments

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Cairo – Emirates NBD-Egypt, a subsidiary of listed Emirates NBD, inked a strategic partnership agreement with GV Developments, according to a press release.

Under the deal, the two entities will join forces to enhance the Tarboul Industrial City’s development, which provides financial assistance to small and medium-scale manufacturers.

Being part of the Sonaa initiative launched previously by GV Developments, the partnership aims to fuel growth in the ready-made factories industry.

The initiative is set to launch over 1000 factories within the next year, covering key sectors that include engineering and food industries.

Meanwhile, the initial phase of Tarboul, which spans 10 million square metres, is expected to be delivered within the first half (H1) of 2025.

Amr El-Shafei, CEO and Managing Director of Emirates NBD-Egypt, said: “This partnership aligns with the bank’s efforts to support small and medium business sectors, particularly within the industrial field.”

“The development of Tarboul City is a key step to enhancing production capacities, generating employment opportunities for young professionals, and reducing the strain on foreign currency reserves by curbing imports,” El-Shafei added.

He also highlighted that the initiative bolsters the Egyptian industry strength and backs innovation in the sector.

Sherif Hamouda, Chairman of GV Developments, indicated: “The city's emphasis on smart manufacturing enhanced logistical services, and digital infrastructure grants it a distinctive global standing.”

Emirates NBD-Egypt recently recorded up to a 5.30% rise in its interest rates for certain USD certificates of deposits.

In the first nine months (9M) of 2023, the lender generated net profits after tax valued at EGP 2.54 billion, which marked an annual surge from EGP 852.59 million.