AT Lease to launch new factoring and SMEs leasing operations before year-end

Al Tawfeek Leasing (AT Lease) will launch before year-end factoring and SME-targeted leasing operations, according to a press release (pdf). The company will relocate to larger headquarters as a prerequisite to obtaining the necessary licensing for the new activities, and in the process double its workforce. The company has been mulling the expansion for nearly one year. We had also reported last month that it is seeking EGP 1 bn in financing from banks this year to raise its available financing to EGP 4 bn.