Samih Sawiris and seven others to set up EGP 1 bn NBFS firm in Egypt

Samih Sawiris, seven investors plan EGP 1 bn NBFS firm: Samih Sawiris is setting up a EGP 1 bn non-banking financial services firm alongside seven other business figures from the banking and construction industries, sources told Al Mal. The new firm, MLF, will provide leasing, mortgage financing, and factoring services. Founding members include SIAC Construction CEO Nehad Ragab, Egyptian Businessmen’s Association Vice Chairman Fathallah Fawzy, Mabany Edris CEO Mohamed Edris, Kandil Glass head Khalil Kandil, and Dorra Real Estate Development Chairman Mohamed Hassan Dorra and Managing Director Omar Dorra. MLF is expected to begin operations before the end of the year, the sources said.