Al-Fajjy announces completion of Jadara Mall project in Madinah
KUWAIT: Al-Raya Al Mutameyeza Holding Company announced that it has completed its 2018 operations with a major investment by acquiring a 26 percent stake in Egypt’s Mediterranean and Africa (MEDAF) Investments Holding SAE.
During a press conference at Marina Hotel yesterday, CEO of Al-Raya Jassem Al-Fajjy said: “Al-Raya acquired a stake in a financial group in the Egyptian market with an estimated capital of EGP 400 million. Volume of operations is expected to exceed 1 billion pounds in the non-banking financial sector of the Egyptian capital markets in cooperation with the Egyptian Matrix Capital for Investment Group.”
He pointed out that Al-Raya United Company, which comes under the umbrella of Al-Raya Holding, will manage, operate and oversee this investment as the operating arm of Al-Raya Group, which has a long history and leadership experience in investment management and will be represented on the board of directors of the holding group. “The holding group has a structure of six joint stock companies active in non-banking financial sectors – a financial leasing company, a securities trading company, an asset management company, a financial advisory firm for securities, a brokerage company, and an electronic payment company to issue instruments. The transaction marks the first expansion of Al-Raya Holding Company to invest in the Egyptian market, which is promising and characterized by stability and has witnessed the inflow of foreign investments. This initiative is aimed to expand the investment in the Egyptian market in order to diversify our sources of income and further expand our markets with balanced risks,” Fajjy said.
Fajjy explained that Al-Raya Holding’s strategy for the coming period is based on diversifying investments in emerging vertical markets. He pointed out that the company’s management team is currently studying a number of opportunities in Europe and the Middle East as the company continues to invest in developing its operations and expanding its services “The company is expanding and developing its hotel management services in Saudi Arabia,” he said.
Fajjy confirmed the completion of work at the Jadara Mall project in Madinah and actual operations have started. The project is located on an area of 2,000 square meters and provides many basic facilities for the hotel industry, including a complete laundry with the latest equipment and machines as well as international cafes, a kitchen for all catering services for institutions and individuals, hospitals, hotels and weddings. “Al-Raya United also continues to achieve achievements in the hotel operation and management sector in Saudi Arabia, both at the Nusk Al-Madinah Hotel and the Sky Tower in Makkah.”
Fajjy concluded that the company will begin to reap the benefits of its strategic expansion and targeted investments, and will invest its revenues in viable opportunities, which will play a pivotal role in establishing the company’s pioneering position and diversifying its income sources.
By Faten Omar