MEDAF Investments-Egypt buys 26% share in oil refining firm

MEDAF Investments-Egypt said on Sunday it has bought a major staks, at 26 percent, of Al-Thoraya Oil Refining Company.

“MEDAF is also considering a number of investment opportunities, in Egypt and number of European, African and Arab countries, to be acquired in the sake of achieving the company’s strategy that targets promising investment opportunities in various sectors,” MEDAF chairman Adnan Al-Salem said Sunday in a statement.

Al-Salem added that targeted acquisitions in the future will cover the financial, industrial, mining and real estate sectors.

“Our move to invest in Egypt came alongside the investment incentives that Egypt’s government is introducing and the significant success of its economic reform programme, which improve the venture climate,” Al-Salem added.

MEDAF is an Egyptian holding investment company. Kuwaiti’s Al-Raya Holding is one of its prominent shareholders. The company, founded in 1958, is now worth over $150 million. For decades, its work has been focused on the oil and gas sector, infrastructure development, the food industry, insurance, real estate, hotels and the religious tourism sector in the Gulf.

In 2018, it launched a bold campaign to diversify its portfolio and expand into the financial services sector.

It seeks expanding its stake in the Egyptian and African markets. It previously acquired Egypt’s Matrix Capital for Investments Company.

Source: Ahram Online