Taj Misr Developments announced the signing of an agreement between its subsidiary, Taj Misr Holding, and Emirates NBD to acquire 100% of the shares of Emirates National Dubai Financial Leasing Company.
Mostafa Khalil, the Chairperson of the Group International Construction Company, according to the acquisition deal, Taj Misr has become the first real estate development company in the New Administrative Capital (NAC) to own a financial leasing company.
He added that the recently acquired financial leasing company will be renamed to ‘True Finance Lease’, pointing out that highly qualified cadres were hired in the financial and banking sector to manage the company and work to achieve its goals.
Khalil pointed out that Taj Misr appointed Mohamed Afifi as the Chairperson of True Finance Lease.
He added that the completion of this deal reflects the importance of integrating the development, exploitation, and optimisation of the assets owned by the group in a way that is in line with the state’s objectives and Egypt’s 2030 Vision in achieving economic growth based on knowledge and competitiveness and improving the work environment.
Furthermore, he said that the group’s strategic direction is based on financing small and medium companies and developing the services base to reach a larger segment of customers, especially those of the Taj Egypt group of companies.
Additionally, Khalil noted that this deal will result in the group’s entry into the field of banking services within the framework of the strategy it adopts to diversify the package of real estate and financial products and services, which contributes to consolidating the group’s position as a leading institution in providing integrated services to its clients.