- Raya Information Technology has secured EGP 1.2 billion 24.7 million in credit facilities from Suez Canal Bank to boost growth and operational capabilities.
- The partnership highlights Suez Canal Bank's commitment to Egypt's technology sector, aiming to foster commercial collaborations and empower industry players like Raya.
- Raya plans to expand through acquisitions and is eyeing an IPO, reporting revenues exceeding 650 million for fiscal 2023.
Raya Information Technology, a subsidiary of Raya Holding for Financial Investment, the conglomerate led by Egyptian tycoon Medhat Khalil, has signed a pivotal agreement with Suez Canal Bank, securing credit facilities worth EGP1.2 billion 24.7 million. This move is seen as a critical step to accelerate Raya's growth trajectory and enhance its operational capabilities.
The deal underscores Suez Canal Banks increasing focus on Egypts burgeoning technology sector, signaling a commitment to expanding its role in fostering commercial collaborations.
By extending these credit facilities, the bank aims to empower firms like Raya to scale their operations and meet key strategic objectives. This partnership forms part of a larger push to cultivate alliances with major industry players.
Enhancing business developmentThe agreement was signed at a ceremony attended by senior executives from both companies, including Akef El-Maghraby, CEO of Suez Canal Bank Shehab Zidan, Deputy CEO Al Haytham El Kobbrosly, Head of Corporate and Investment Banking Hisham Abd El-Rasoul, CEO of Raya Information Technology and Hossam Hussein, CFO of Raya Holding. Their presence highlights the strategic importance of the collaboration.
El-Maghraby emphasized the agreement's potential to enhance cooperation between Suez Canal Bank and Raya. He reaffirmed the bank's commitment to providing tailored financial solutions that support business growth and contribute to Egypts economic development.
