Raya Information Technology, a subsidiary of Raya Holding for Financial Investment, the conglomerate owned by Egyptian tycoon Medhat Khalil, has inked a key agreement with Suez Canal Bank to secure credit facilities worth EGP1.2 billion ($24.7 million). This move is viewed as a vital step for accelerating Raya’s growth trajectory and improving operational capabilities.
The agreement demonstrates Suez Canal Bank’s growing focus on Egypt’s thriving technology sector, as well as its commitment to strengthening its role in encouraging business collaborations.
By offering these lending facilities, the bank hopes to help businesses like Raya scale their operations and achieve critical strategic goals. This relationship is part of a bigger effort to build partnerships with significant industry leaders.
The agreement was signed at a ceremony attended by senior executives from both companies, including Suez Canal Bank CEO Akef El-Maghraby, Deputy CEO Shehab Zidan, Head of Corporate and Investment Banking Al Haytham El Kobbrosly, CEO of Raya Information Technology Hisham Abd El-Rasoul, and Raya Holding CFO Hossam Hussein. Their presence emphasizes the strategic relevance of the relationship.
El-Maghraby noted the agreement’s potential to improve cooperation between the Suez Canal Bank and Raya. He emphasized the bank’s commitment to provide personalized financing solutions to help businesses expand and contribute to Egypt’s economic development.
Abd El-Rasoul described the relationship with Suez Canal Bank as a significant milestone that demonstrates Raya’s financial strength and leadership in Egypt’s IT sector. He emphasized its connection with Raya’s digital transformation and market expansion goals. Hussein said that the transaction supports Raya’s expansion goals and provides funding for important projects, demonstrating the company’s potential for long-term growth in the IT industry.
Raya Holding, founded in 1999 through a merger of Khalil and Orascom Group firms, has emerged as a leading participant in Egypt’s economic sector. Medhat Khalil owns the majority position in Raya Holding, which is 17.67 percent, or 756,505,315 shares.
Raya plans to expand by acquiring a firm specializing in outsourcing and application development, with the goal of preparing for an IPO.
Raya obtained a credit line from Al Baraka Bank, which has a cooperation arrangement with Raya Information Technology. Raya’s strong financial performance in fiscal year 2023, with revenues exceeding $650 million, solidifies its position as one of Egypt’s most resilient businesses.