TechInAfrica – Egypt’s Mediterranean and Africa (MEDAF) Investments Holding SAE has invested a 26% share in the Al-Thoraya Oil Refining company. The acquisition means several things for MEDAF. Not only making the investment firm the largest partner on this deal, but it also opens another pathway for MEDAF to fulfill its target, which is gaining more promising opportunities in any sector that it invests in.
MEDAF is aiming for a global status as it is currently eyeing a promising investment within Europe, Africa, and Arab countries as the deal with Al-Thoraya is reaching the final stage. MEDAF Chairman, Adnan Al-Salem stated that the company’s decision to invest in Egypt this time came on the heels of the North African country’s government’s introduction of investment incentives. These acquisitions, according to Al-Salem, will also make its way to the financial, industrial, mining, and real estate sectors.
The investment firm specifically is more than ready to give their all for financial technology-reliant projects. In Al Thoraya Oil Refining’s case, it took great use of an advanced technology that makes it possible to achieve a high-quality product with an efficient minding process. Due to the company’s usage of the required and standardized technology, its oil recycling projects are on par with what the global standards have set.
The continuous flow of Egypt’s economic reform programs and fair investment climate is also what drives the MEDAF board of directors’ decision in regards to the acquisition. Yasser Agiba informed that the deal exceeds a total value of LE 30 M (Or 1,820,940 in USD) per a report and that the deal will be executed on different stages.
Founded in 1958, MEDAF has since reported more than USD 150 M worth, with its diverse focus on various sectors, from oil and gas, infrastructure, food, insurance, real estate, hotels, to religious tourism in the Gulf.