e-finance’s Saudi Arabian branch to be operational in Q3

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e-finance for Financial and Digital Investments (EFIH) is looking forward to starting the actual operation of its branch in Saudi Arabia in the third quarter (Q3) of this year, the company's Chairman of the Board and CEO Ibrahim Sarhan told Asharq Business on May 21st.

The company eagerly awaits to benefit from the Saudi market as a source of hard currency, and to achieve revenues and profits at a higher rate, Sarhan said.

On February 21st, Sarhan revealed that e-finance seeks to expand its business across different foreign markets in Q2 or Q3 2023 in collaboration with the Saudi Arabian Public Investment Fund (PIF).

In 2022, the Saudi PIF acquired about a 25% stake in e-finance.

e-finance is a homegrown developer of digital payments infrastructures that was to develop the Government of Egypt’s financial network. Over nearly two decades, the group has penetrated all corners of Egypt’s digital market and transformed itself into a leading technology-focused investment firm.