Ebtikar to set up two consumer finance arms by year end

Ebtikar for Financial Investment is planning to set up two consumer finance arms by the end of the year, the company’s CEO Ayman El Dessouky said. One of the companies will specialize in car purchases, and both will be majority-owned by Ebtikar — which is a joint venture between B Investments and MM Group. Dessouky said that both companies will be up and running at the beginning of 2020. Private equity firm Tanmeya Capital Ventures (TCV) and Acquire for Investments, as well as other individual investors, will also purchase shares in the companies.