Wadi Degla launches new leasing arm

Egyptian conglomerate Wadi Degla Holding has launched Wednesday its leasing arm, Global Lease, in cooperation with SANAD Fund, of Kfw Development Bank.

The new leasing company is with an authorised capital worth 500 million Egyptian pounds (US$63,8 million). Its paid-up capital is worth around 50 million pounds.

Maged Helmy, CEO of Wadi Degla Holding and Chairman of Global Lease, said Wadi Degla seeks to diversify its investment activities in the coming period to allure new investments, and to expand internationally.

Helmy further added that Global Lease had begun its activities in May this year.

Wadi Degla’s share in the new leasing company is 68 percent; while SANAD’s share accounts for 30 percent.