|07 February, 2020

Egypt's Raya Holding to launch three companies

The new companies’ activities will include micro insurance

A customer exchanges U.S. dollars to Egyptian pounds in a foreign exchange office in central Cairo, Egypt, March 7, 2017. Image used for illustrative purpose.

A customer exchanges U.S. dollars to Egyptian pounds in a foreign exchange office in central Cairo, Egypt, March 7, 2017. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Cairo – Raya Holding for Financial Investment is planning to launch three new companies during the first six months of 2020 in the non-banking financial services sector.

The new companies’ activities will include micro insurance, financial and micro lease, and securitisation, the company’s chief financial officer Hossam Hussein told Mubasher.

The top official revealed that the new companies’ capital will amount to EGP 5 million each.

It is noteworthy that Raya Holding suffered net losses of EGP 58.16 million in the nine-month period ended 30 September 2019, against net profits of EGP 58.6 million in the corresponding period of 2018.

Source: Mubasher Exclusive

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