Qalaa Holdings invests LE 18.6B in Egypt through 2017/18

CAIRO – 18 September 2018: Qalaa Holdings invested LE 18.6 billion in Egypt during fiscal year 2017/2018, CEO of Qalaa Ahmed Hekal said.

This came during a press conference to announce the success stories of more than 25 companies investing in Egypt in 2017/2018 in the presence of Minister of Investment Sahar Nasr, Minister of Environment Yasmine Fouad and CEO of the General Authority for Investment and Free Zones (GAFI) Mosen Adel, as well as members of GAFI.

Hekal clarified that the group investments came in the fields of energy, refining and solar energy in Bonyan, in addition to gas delivery to houses and the inauguration of 10 fuel stations.

He also revealed the company's plans to pump investments worth LE 30 - 32 billion in various fields during the upcoming period.

Lately, the company announced its first investment in generating solar energy through its subsidiary, Taqaa Arabia, in partnership with Hassan Allam Holdings through photovoltaic (PV) cells, at an investment cost of LE 1.35 billion.

The company clarified in a statement that Taqaa Arabia owns 60 percent of the solar power project, while Hassan Allam holds 40 percent of the project.

It further added that the revenues are expected to reach $10.8 million annually.

According to the statement, five international funding organizations headed by the International Finance Corporation (IFC) funded the project.

Qalaa Holdings recorded a loss of LE 183.95 million including minority rights in the first three months of 2018, compared to LE 596.08 million during the same months of 2017.

In 2017, Qalaa recorded consolidated losses of LE 5.9 billion, compared to LE 5.6 billion in 2016.

Founded in 2004, Qalaa Holdings operates within the diversified financial sector focusing on asset management and custody banks. It has companies operating across North America, the Caribbean, Northern Africa and Eastern Africa.