Emirates NBD-Egypt, a subsidiary of the leading banking group Emirates NBD in the Middle East, North Africa, and Turkey, has recently made a significant stride in the Egyptian market. The bank has entered a strategic partnership with Abdos FMCG Manufacturing Company – Egypt, signing a medium-term loan facility that will have far-reaching implications for both parties involved. This collaboration not only signifies new opportunities but also contributes to the development of the Egyptian market as a whole.
Abdos-Egypt has forged a deal with the Suez Canal Economic Zone (SCZone) to establish a factory at Orascom Industrial Parks’ Sokhna Complex. With the establishment of this factory, a remarkable 500 direct job opportunities are expected to be created. The decision to set up this manufacturing unit is in line with SCZone’s vision to open up to global markets, particularly Asian economies which have strong trade relations with Egypt. The SCZone and the Egyptian government are making significant efforts to ensure a conducive environment for investors by implementing various financial incentives aiming to attract new investments.
This partnership between Emirates NBD-Egypt and Abdos-Egypt seamlessly aligns with the bank’s key objectives of supporting foreign investments, promoting sustainable development, and making a positive impact on the communities it serves. Moreover, this collaboration further underscores the bank’s unwavering commitment to Egypt Vision 2030, a comprehensive development plan aimed at driving the country’s economic growth.
Amr El Shafei, the Managing Director and CEO of Emirates NBD-Egypt stressed the strategic significance of this partnership in line with the bank’s growth strategy. He affirmed that “this loan agreement not only holds strategic importance for Emirates NBD-Egypt but also showcases our dedication to supporting economic advancement and sustainability in Egypt.”
Paying heed to the global call for sustainability, Emirates NBD-Egypt is directing considerable efforts towards adopting a green and sustainable approach. The upcoming factory will include a water treatment station, which will play a vital role in treating wastewater and neutralizing chemicals used during the manufacturing process that could be harmful to the environment and public health. Additionally, a portion of the water will be recycled for the irrigation process of the factory or other possible usages.
Tamer Ragheb, Head of Corporate and Institutional Banking added: “This project aligns perfectly with the bank’s agenda of supporting exporters, foreign investment, and the Indian corridors. Moreover, it contributes to the President’s directive of attracting diverse foreign investments while aiding in the localization of industries, in accordance with the region’s 2020/2025 strategy.”
Abdos-Egypt is a subsidiary of Abdos Oils PVT LTD – India, an established entity belonging to Abdos Group having over 55 years of experience in the FMCG sector. Abdos Oils PVT LTD India is one of India’s largest contracts manufacturing entities, offering processing and packaging solutions in the home care, food, and personal care categories. They have a strong track record and supply to top multinational names.
Mr. Rajesh Agarwal, representative of Abdos FMCG Manufacturing Company – Egypt stated: “The partnership between Emirates NBD-Egypt and Abdos-Egypt through the signing of a medium-term loan facility marks a significant milestone in the Egyptian market. Both parties are now set to explore new avenues of growth, contributing to the overall development of Egypt’s economy.”
This significant deal was successfully completed under the supervision of Mr. Tamer Ragheb, Head of Corporate & Institutional Banking, Mr. Khalid Yehia, Head of Multinationals, and Ms. Rana Ashour, Sector Head Multinationals, in addition to Ms. Aliaa Khalil, Relationship Manager Multinationals. The Emirates NBD-Egypt’s Multinationals team played a pivotal role in facilitating the transaction.
As the bank continues to prioritize its growth strategy, this partnership reinforces their dedication to driving economic prosperity and sustainability in Egypt.
