TAQA Arabia, Aman establish new company for payments with EGP 300m investment

Fatma Salah
3 Min Read
Medhat Khalil, Chairman and CEO of Raya Holding

Medhat Khalil, Chairperson of Raya Holding Company, which owns the Aman Group, revealed the establishment of a new company, 49% owned by TAQA Arabia, one of the Qalaa Group companies, and 51% owned by Aman for non-banking financial services, with the aim of facilitating the acceptance of payments.

He explained that the new company aims to inject investments amounting to EGP 300m during the next three years, with self-financing.

Khalil added that the partnership aims to provide TAQA Arabia with all the technological services provided by Aman companies after its branch network reached 250 nationwide, with a total of 170,000 merchants.

He pointed out that the company plans to start activities during the first half of this year, pointing out that the beginning will be to facilitate digital payments for TAQA Arabia’s 2 million customers.

He pointed out that Aman will pump investments estimated at EGP 800m during the next six years in developing the technological infrastructure, which will start with electronic payments to continue for the rest of the non-bank financial activities such as consumer financing.

He explained that the initial plan is to be present in 110 Arab power stations between Total and gas stations, noting that the partnership with TAQA Arabia began about two years ago.

Pakinam Kafafi, Managing Director of TAQA Arabia, added that the new cooperation is a promising start that will bring about a significant transformation in the level of services provided to the company’s more than 2 million clients, as the cooperation aims primarily to develop the energy payments system, and offer innovative services to customers.

She pointed out that the company’s plan to pump investments about EGP 1.5bn during the current year in the company’s current sectors of gas and diesel stations and new industrial complexes, in addition to desalination plants.

She added that the partnership with Aman to establish the new company aims to provide various financing solutions to the company’s 2 million clients, pointing out that the company annually adds between 150-200 new clients.

Khaled Abu Bakr, Chairperson of TAQA Arabia, said that he is about to sign a partnership contract with MAN Company to enter into a new project in the field of renewable energy, pointing out that green hydrogen is a priority for the company’s investments during the coming period.

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