Taj Holding acquires 100% of Emirates NBD Leasing Company

By Eman Hamed

Taj Misr group announced the signing of Taj Misr Holding Company – Taj Misr group International Construction Company (Mustafa Khalil & Partners) subsidiary – and Emirates NBD, a contract to acquire 100% of the shares of Emirates National Dubai Financial Leasing Company.

Mustafa Khalil, Chairman of the Board of Directors of the Group
International Construction Company, according to the acquisition deal, Taj Misr becomes the first real estate development company in the New Administrative Capital to own a financial leasing company.

He added that the recently acquired financial leasing company will become under the name (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 Mr. Mohamed Afifi as Chairman of the Board of Directors of (True Finance Lease) for financial leasing, due to his great experience in the field, and that the company trusts in his competence and ability to manage the company’s team in perfect harmony to reach its goals.

Khalil added that the completion of this deal reflects the importance of integrating the development, exploitation and optimization of the assets owned by the group in line with the state’s objectives and Egypt’s Vision 2030, in achieving economic growth based on knowledge and competitiveness and improving the work environment.

Pointing out that this step will contribute to improving the financial and economic indicators of the group, in addition to supporting its competitive capabilities in the local and international market.

He added 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 Misr group of companies.

Mustafa Khalil expressed his happiness with the completion of the acquisition of 100% of the shares of Emirates National Dubai Financial Leasing Company, which is the company’s first financial investment, and aims to transform the group into a comprehensive banking system that provides a full range of services to its customers.

Khalil indicated 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 the leading institution in providing integrated services to its clients.

He stressed that this acquisition is a great success for all of the group’s companies, especially in light of the challenges and difficulties that the recent global markets have witnessed in the recent period, most notably the (Covid-19) virus.