By: Islam Fadl

Cairo – Mubasher: Raya Holding for Financial Investment (Raya Holding) has injected EGP 2 billion in investments since 2016, the company’s chairman and managing director Medhat Khalil revealed.

These investments have been pumped into the launch of subsidiary companies, Khalil added during a press conference on Tuesday, noting that AMAN for E-Payments is Raya’s fastest-growing subsidiary that has been recently launched.

Since the beginning of the year, Raya Holding has invested about EGP 700 million in the market, he noted.

The Egyptian firm aims to generate return from these investments within a period of 2-3 years, he pointed out.

On a side note, Khalil noted that the complaint submitted to cancel the EGP 11 million fine imposed by the Egyptian Financial Regulatory Authority (FRA) on Raya Holding has been referred by the cabinet to the dispute settlement committee at FRA.

It is noteworthy that during the first nine months of 2019, Raya Holding swung to net losses of EGP 58.16 million, against net profits of EGP 58.6 million in the year-ago period, including minority shareholders’ rights.