MBG Developments Continues to Collaborate with Leading Global Companies to Ensure Unmatched Comfort and Luxury for its Clients
Cairo, MBG Developments announced its partnership with Schindler, a global leader in the manufacturing of elevators and escalators, to supply PUKKA project in the New Administrative Capital with state-of-the-art elevators. This collaboration includes overseeing the installation, operation, and maintenance of the elevators, reaffirming MBG Developments' commitment to providing its clients with premium comfort and luxury by partnering with major international and local companies.
This agreement with Schindler comes as part of MBG Developments’ preparations to commence the handover of the first phase of the PUKKA project by the end of this year.
The partnership with Schindler reflects MBG Developments’ unwavering pursuit of the highest standards of quality and safety through advanced technology to serve its clients. The agreement also focuses on offering long-term maintenance services, ensuring the consistent performance of the elevators, and enhancing customer satisfaction. By utilizing Schindler’s energy-efficient elevators, MBG Developments reinforces its commitment to sustainable development, contributing to environmental preservation.
“We are thrilled to partner with Schindler to leverage their cutting-edge technology and global expertise in our projects, particularly in PUKKA. This collaboration ensures a safe and sustainable environment for our clients,” remarked Dr. Amr El-Adl, Vice Chairman and CEO of MBG Developments. He added that MBG Developments continuously seeks to collaborate with high-standard, reputable international companies to provide the best comfort and luxury for its clients.
Similarly, Mr. Waleed Gad, General Manager of Schindler Egypt, stated, “We are pleased to collaborate with MBG Developments on PUKKA project, and we look forward to further partnerships in future projects.”
Schindler is recognized as a global leader in designing and manufacturing elevators that align with the latest technological and environmental standards. The company focuses on providing eco-friendly solutions by utilizing technologies that reduce carbon footprints and using sustainable, recyclable materials, thereby minimizing harmful environmental emissions.
The company’s elevators are renowned for their energy efficiency, reducing electricity consumption through energy recovery technology that generates usable electricity during no-load movements, resulting in energy savings of up to 30%.
PUKKA project is strategically located in the Investment District of the New Administrative Capital, covering an area of 41 acres with total investments of EGP 7 billion. It enjoys proximity to key landmarks, including the Green River, the Government District, the Financial and Business District, the Cathedral, and smart transportation hubs.
The project offers a diverse range of residential units designed to cater to clients' needs in terms of space and design. It includes 1,628 units distributed among buildings with heights of up to 7 floors, featuring a variety of apartments and duplex units.
To ensure that residents have access to all necessary amenities, MBG Developments has built a dedicated social club for PUKKA residents, alongside a commercial complex (mall) spanning 16,000 square meters with three floors plus a rooftop. The complex includes 1,000 square meters designated for medical purposes, such as clinics and diagnostic centers, another 1,000 square meters for administrative offices, and 4,000 square meters for diverse retail spaces.
The Grand Egyptian Museum Authority and Schneider Electric, the global leader in the digital transformation of energy management and automation, have signed a Memorandum of Understanding (MoU) to enhance prospects for cooperation through the latest advanced technological solutions provided by Schneider Electric at the museum. The MoU was signed at the Grand Egyptian Museum, the largest museum in the world, which tells the story of the history of ancient Egyptian civilization. The signing ceremony was attended by Major General Atef Moftah, General Supervisor of the Grand Egyptian Museum project and its surrounding area, and Sebastien Riez, CEO of Schneider Electric Northeast Africa & Levant, in the presence of Schneider Electric’s leadership team and officials from the Grand Egyptian Museum.
This partnership is part of the museum's plan to continue its journey toward achieving sustainability and enhancing energy efficiency through technology. The museum has already received numerous awards, including five ISO certifications for occupational safety and health, environmental management, risk management, quality systems, and energy management, and three ISO certifications for the GEM Conversation Center. The museum has also won the "Green Building Award" for Best Project in the field of green construction during the Environment and Development Forum: The Road to the Sharm El-Sheikh Climate Change Conference (COP27), the "BIM Model Award" for Best Facility Construction Model through a smart application, the Gold Certificate for Green Building and Sustainability according to the Egyptian Green Pyramid System from the Housing and Building National Research Center, and the international “EDGE Zero-carbon” certification. The Khufu Solar Boat Museum also received the award for Best Smart Energy Solutions Design globally from Schneider Electric.
The MoU aims to explore the possibility of designing and building a smart musuem concept at the Grand Egyptian Museum using the expertise and solutions of Schneider Electric. This will be achieved through the EcoStruxure platform to manage the museum's infrastructure such as electricity, heating, ventilation, air conditioning system (HVAC), water, gas, data networks, and command and control systems. These solutions help institutions enhance the reliability of the electrical network, quickly predict and address faults more efficiently to ensure uninterrupted power supply, reduce energy consumption, protect against cyberattacks, lower carbon emissions, and assist institutions in achieving their sustainability goals.
The partnership between Schneider Electric and the Grand Egyptian Museum builds on the successful collaboration in the King Khufu Boat Museum project which received the global Best Smart Energy Solutions and Energy Management System award. This recognition serves as an international testament to the efficiency of the museum's engineering design carried out by GEM’s engineering department and Schneider Electric's expert implementation. Schneider Electric provided its Tower Monitoring Expert solutions, enabling energy monitoring and control throughout the museum via a unified, open system that can integrate with other open systems while maintaining the highest cybersecurity standards. This solution is able to improve network reliability by up to 22%, reduce downtime by 5 times, and increase energy efficiency by 24% through smart electrical panels across the museum. In addition, Schneider Electric's solutions help predict and address system failures before they occur, and significantly reducing carbon emissions. The integrated Building Management System also allows for the control of ventilation, air conditioning, and fire alarm systems, enhancing security and safety within the museum. This system ensures a high-quality indoor environment, protecting the Solar Boats—one of Egypt's most significant antiquities—from humidity and weather-related risks.
Commenting on the MoU’s signing, Major General Atef Moftah, General Supervisor of the Grand Egyptian Museum and its Surrounding Area, remarked: "The Grand Egyptian Museum is a symbol of our national identity and cultural heritage, and we are committed to making it a global model for museums. We are thrilled to cooperate with Schneider Electric to leverage the latest technologies to preserve our ancient heritage, offer a unique visitor experience, enhance Egypt's status as a world-class tourist destination, and support the state's sustainable development goals." He added, "The museum's recent receipt of the prestigious international EDGE Advance certification for green buildings, accredited by the International Finance Corporation, part of the World Bank Group, as the first green museum in Africa and the Middle East, is a significant achievement that we are proud of. It enhances our impressive track record and demonstrates our dedication to achieving comprehensive sustainability by reducing environmental impact and conserving natural resources."
Commenting on the MoU signing, Sebastien Riez, CEO of Schneider Electric Northeast Africa & Levant, stated: "We are proud to be part of the Grand Egyptian Museum, a living testament to the fusion of ancient Egyptian civilization and modern technology, offering a unique historical and cultural experience for both Egyptian and foreign visitors at this iconic landmark. Through this strategic partnership, Schneider Electric's smart building solutions will enhance energy efficiency and reduce carbon emissions, aligning with the Grand Egyptian Museum's vision while preserving this invaluable heritage and legacy through advanced technology. This project is one of the most significant projects for Schneider Electric, not only in Egypt but globally. It reflects our commitment to creating impact by empowering all to make the most of our energy and resources."
The Grand Egyptian Museum, one of modern Egypt's most significant achievements, spans over 500,000 square meters. It stands as a testament to the grandeur of ancient Egyptian civilization, housing an extensive collection of artifacts that narrate the evolution of Egyptian civilization over thousands of years. The museum also incorporates interactive technologies, making it a beacon of culture and history. The museum is vital in reinforcing Egypt's position as a global tourist destination.
Mercedes-Benz Egypt is pleased to announce joining hands with Shagrha, an organization committed to sustainable development, marking a positive direction for the company’s environmental sustainability efforts in Egypt. This collaboration, which will be part of Shagrha’s ‘Fruitful Schools‘ and ‘Eat From Streets‘ campaigns will run until the end of 2025. kicking off the initiative, a team from Mercedes-Benz Egypt partook in planting the first seeds, underscoring the brand’s commitment to supporting green initiatives and contributing to a healthier environment.
As part of this initiative, Mercedes-Benz Egypt will sponsor the planting of fruit trees for every car sold in the market. Planting will take place in various urban locations across the country, including Cairo, Giza, and the Aswan, Gharbia, and Dakahlia governorates. Shagrha's ongoing ‘Fruitful Schools‘ and ‘Eat From Streets‘ campaigns aim to plant a total of 180,000 trees by 2026.
The project not only enhances green spaces but also addresses environmental concerns by reducing carbon emissions. The initiative also includes community engagement and awareness programs, promoting sustainable practices among the public.
This partnership aligns with Egypt’s Vision 2030 goals, focusing on sustainable urban development and environmental stewardship. Mercedes-Benz Egypt continues to take meaningful steps towards reducing its environmental impact and fostering a positive contribution to the communities it serves.
Further information about Mercedes-Benz Egypt is available online: www.mercedes-benz.com.eg
Abu Dhabi Commercial Bank – Egypt and Schneider Electric, a leader in digital transformation of energy management and automation, announced a strategic partnership through signing two memorandums of understanding (MoUs). The first MoU aims to establish a framework for cooperation to finance green and sustainable projects in Egypt, by providing micro-grid solutions to Schneider Electric’s Badr Factory. The second MoU aims to implement sustainable development projects in Marsa Matrouh Governorate, by establishing a cooled agricultural greenhouse, a water desalination unit, and a modern fertilization unit.
The MoUs were signed by Sebastian Reyes, President of Schneider Electric for North East Africa and Arab Levant, and Ihab Al-Sowerky, CEO of Abu Dhabi Commercial Bank Egypt.
According to the first MoU, Schneider Electric and Abu Dhabi Commercial Bank will cooperate to support green financing initiatives, the circular economy, and the sustainable use of natural resources and land.
The MoU will provide mini-grid solutions that integrate various distributed energy resources with renewable solar energy resources for real estate projects in Egypt. This will improve the efficiency of buildings and energy consumption, as well as provide smart energy distribution and storage services via microgrid, electric car chargers, and irrigation and water systems. The MoU will also finance the micro-grid network at Schneider Electric’s Badr Factory, which aims to use renewable energy with a capacity of 758 kilowatts through solar panels and micro-grid solutions to maximize its resources and achieve sustainability.
According to the second MoU, Schneider Electric and Abu Dhabi Commercial Bank – Egypt will implement sustainable development projects in Marsa Matrouh Governorate. The projects will create a positive change in society in the water, food, and energy sectors, and provide technical support and training to the beneficiaries.
The signing also involved Gebal Egypt for Agriculture, Sustainability and Livelihoods, which will be in charge of implementing the projects. The projects include establishing a cooled agricultural greenhouse, a water desalination unit, a fertilization unit, and a unit for lifting water from wells. The technology is expected to reduce the environmental impact by lowering carbon emissions and saving water consumption. The projects are also expected to support 1,000 village residents, improve their living conditions, produce 10 tonnes of agricultural crops per year, desalinate 3,650 cubic meters of water annually, and pump 7,300 cubic meters of well water per year, in addition to producing 70 megawatts/hour of clean energy.
“Egypt aims to reach 42% of the energy mix based on clean and renewable energy,” said Reyes. “The current percentage is 12%. To achieve this goal, which is consistent with Schneider Electric’s vision and strategy, the private sector and society need to cooperate. This is a vital part of Egypt’s 2030 plan. We are committed to providing innovative and effective solutions that will make a positive difference in society.
He also expressed his company’s eagerness to cooperate with reliable entities that share the same goal of creating a positive climate. He also expressed his pride in cooperating with Abu Dhabi Commercial Bank Egypt and Gebal in this project.
For his part, Ihab Al-Sowerky, said that this partnership is a new step that his bank is taking towards implementing the sustainability strategy of Abu Dhabi Commercial Group.
“Sustainable development has indeed become one of many countries’ top priorities, and it so happens that it is one of Abu Dhabi Commercial Bank’s top priorities as well. We believe in the pivotal role that banks can play to support the economy and the shift towards sustainability. Today, we join hands with the international Schneider Electric Company to maximize the impact on society by expanding financing green projects. We are committed to supporting the transition and also committed to contributing to achieving community development, and generating jobs.” Al-Sowerky said.
Source: Daily News Egypt
Zero Carbon Ventures, an Abu Dhabi based developer of emission reduction technologies and solutions will establish a joint venture (JV) with Green Planet for Sustainable Environmental Solutions, part of the Egyptian Special Group for Trading and Investment for a waste-to-value project in the Arab country.
According to a press statement, the JV company, called Zero Carbon Green Planet (ZCGP), will deploy Zero Carbon’s patent-pending high technology system, which processes methane and organic waste into graphene, hydrogen, fertilisers and other valuable commodities, at the 15 May landfill site in Cairo.
The JV will be incorporated in Abu Dhabi Global Markets (ADGM).
The first phase of project at the landfill site will be operational by 2025, the statement said, adding that the entire project will be completed in 2027.
It said the advanced manufacturing process at the facility will process 400 tonnes of organic waste per day whilst preventing methane and CO2 from escaping into the atmosphere.
The project will employ up to 250 people once it is fully operational.
Zero Carbon CEO and CO-Founder Martin Reynolds said: “Our aim is to build a circular economy, an innovative and sustainable economic model that aims to redefine traditional linear production and consumption patterns. This holistic concept not only addresses environmental concerns, but also promotes economic opportunities and innovation. The new advanced manufacturing facility we plan to build in Egypt takes every drop of value from the waste that otherwise would go to landfill, making new products to be used again in the market.”
Dr Mohammed Asaad, Chairman of Green Planet said, "Green Planet, and Special Group hold innovation and growth for Egypt at the core of its values. It is a pleasure to be partnering with such an inventive and experienced team at Zero Carbon Ventures, to deliver and scale impactful projects and bring new technology to the region.”
Tarek El-Araby, CEO, Waste Management Regulatory Authority said, "We applaud the collaborative efforts of Zero Carbon Ventures and Green Planet in spearheading this innovative project. It’s a significant stride not only in advancing our circular economy but also in bolstering Egypt's position as a regional hub for economic growth and manufacturing.”
Source: Zawya Projects (Writing by SA Kader; Editing by Anoop Menon)
AD Ports Group has completed a comprehensive environmental and social impact assessment (ESIA) for the development and operation of a state-of-the-art multi-purpose terminal at Safaga Port.
AD Ports had signed a 30-year concession agreement with the Red Sea Port Authority (RSPA) for the development of the port.
The terminal is designed to handle 6 million metric tonnes of bulk cargo, 450,000 TEUs of containers, and more than 50,000 roll-on/roll-off units. AD Ports Group will focus on developing the upper infrastructure, including buildings, facilities, and superstructures. The terminal is strategically positioned as the primary gateway for regional development, enhancing trade efficiency and connectivity.
Diverse scientific methodologies
The ESIA was conducted using diverse scientific methodologies, complying with Egypt's national regulations and International Requirements, including Egypt's Law No 4 of 1994 for environmental protection, the IFC Performance Standards, and the World Bank Group’s EHS Guidelines.
Highlighted within the assessment’s findings were the significant benefits of the project, including economic growth through stimulating local economies, job creation, and boosting regional economic activity. Leveraging AD Ports Group’s experience in developing advanced port infrastructure, the terminal is well-positioned to improve accessibility and connectivity, while adopting environment-friendly practices that will reduce pollution and conserve natural resources.
The ESIA further highlights the impacts on community development, noting the anticipated improvement in community infrastructure, education, healthcare, and social services.
Mitigation measures
Comprehensive plans have been established, which include mitigation measures to address potential negative impacts during construction and operational phases, including dust emissions, noise levels, waste management, and occupational health and safety. This environmental management plan further outlines procedures for environmental management, self-monitoring, and social management, ensuring sustainable and responsible practices.
In parallel with the ESIA, the design of the multi-purpose terminal is aiming for net-zero certifications for two of its buildings, while incorporating various sustainable design features in the buildings and infrastructure. These features include carefully selected low-carbon materials, as well as energy and water efficient systems.
Saif Al Mazrouei, Chief Executive Officer, Ports Cluster, AD Ports Group, said: “As a Group, we are committed to sustainable and responsible port development, particularly in the communities in which we operate, so that we can actively contribute, positively, to the local economy and environment. However, we understand that our commitment extends beyond infrastructure and, together with the Red Sea Port Authority, we hope to create meaningful change that drives sustainable economic growth.
Source: TradeArabia
The European Bank for Reconstruction and Development (EBRD) has teamed up with A³&Co., a pioneering consulting firm, to lead a transformative sustainable initiative at Arabian Cement Company in Egypt.
This collaboration is designed not only to reduce carbon emissions but also to cut costs through innovative, environmentally responsible approaches, supporting Arabian Cement Company in its transition to NetZero.
Through this strategic partnership, EBRD said it is providing green investment and working closely with A³&Co. to develop a comprehensive decarbonisation roadmap, tailored specifically for Arabian Cement Company to accelerate the production of low carbon cement, leveraging A³&Co.'s expertise in cement green solutions and EBRD’s commitment to green initiatives.
This partnership aims to align efforts to pioneer change in the cement industry towards a green cement future through reducing carbon footprint within the Arabian Cement Company operations.
Arabian Cement Company is a leading player in Egypt's cement industry since 1997, with two production lines in Sokhna, Suez Governorate, of an annual production around 5 million tonnes of high-quality clinker and cement, contributing 6% of Egypt's nominal capacity.
Arabian Cement Company said it is dedicated to minimising its carbon footprint, embracing this initiative as a pathway to a greener, more financially sustainable future.
“We are excited about this partnership with EBRD and A³&Co. which showcases our commitment to environmental stewardship and sustainable development,” said Sergio Alcantarilla, CEO of Arabian Cement Company.
“By embracing cutting-edge solutions and adopting greener processes, we are not only reducing our carbon footprint but also setting new benchmarks for the industry.”
The decarbonisation roadmap will be carefully tailored to address the specific challenges and opportunities within the Arabian Cement Company's operations, said a statement.
Through comprehensive strategy includes verified targets, project advisory for implementing decarbonisation implementations, in-house capacity building, carbon market trading, and the implementation of an integrated ESG business model, together, these initiatives aim to significantly reduce GHG emissions, improving operational efficiency, while reducing costs.
A³&Co., renowned for its expertise in cement industry consulting, will play a pivotal role in guiding Arabian Cement Company towards their transition to NetZero. “We are delighted to partner with EBRD and Arabian Cement Company on this transformative project,” said Amr Nader, CEO of A³&Co.
“Through our collective expertise, we are confident that we can drive meaningful progress towards decarbonisation and the production of green cement, setting a precedent for responsible business practices in the region.
“The cooperation between Arabian cement and A³&Co. is an additional milestone for our successful collaboration over the past two years and will not only be limited to decarbonisation roadmap but extends to SBTi certification and CBAM registration which will support Arabian cement exports endeavors and global product recognition, A³&Co. will also develop Climate Corporate Governance “CCG” framework for Arabian Cement which is the cornerstone for a fully functioning ESG system in line with international norms.”
Commenting on the collaboration, Dimitrios Koufos, Head of Sustainable Business, Industry, Agribusiness, and Commerce, EBRD, said: “At EBRD, we are dedicated to supporting initiatives that drive sustainable economic growth. Our partnership with A³&Co. and Arabian Cement Company exemplifies our commitment to fostering innovation and catalysing positive change in the industry. Together, we will pave the way for a more sustainable future in Egypt’s cement sector.”
Source: TradeArabia
Intro Sustainable Resources, a subsidiary of Intro Holding Investments, has signed a cooperation protocol with Siemens Energy, a global leader in energy technology, to implement and install a group of highly efficient combined heat and power (CHP) plants in Egypt and the region.
The CHP plants will have a total capacity of 300 megawatts by 2030 and will use natural gas as fuel. The cooperation aims to reduce carbon emissions and address climate change by providing clean and reliable energy solutions.
The cooperation is part of Intro’s strategy for sustainable resources, which seeks to actively participate in development through a series of joint energy projects that tackle the issue of climate change, support sustainable development initiatives in various fields, and lay the foundation for a carbon-free future. This aligns with Egypt’s Vision 2030 and the UN Sustainable Development Goals (SDGs).
Hany Hilaly, President of Energy and Utilities Companies at Intro Sustainable Resources, said that the cooperation with Siemens Energy involves an integrated portfolio of solutions, products, and services that cover all aspects of the energy and renewable energy value chains. He added that the two parties are already collaborating on a joint power generation project in 10th of Ramadan City.
According to the protocol, Intro Sustainable Resources will be responsible for providing financing and comprehensive development of the CHP plants, while Siemens Energy will be responsible for conducting technical studies and supplying the plants with turbines and other necessary equipment.
Dietmar Siersdorfer, CEO of Siemens Energy in the Middle East, said that this agreement with Intro will expand their partnerships and help accelerate the decarbonization of the industrial sector in Egypt, by leveraging Siemens Energy’s highly efficient CHP technologies and enhancing sustainability. “We look forward to strengthening this important cooperation with Intro even further,” he said.
This cooperation is expected to effectively contribute to achieving the SDGs in Egypt and the region, as these CHP plants will significantly reduce carbon emissions, which is consistent with the directions of governments in Egypt, the region, and the world to maximize the opportunities to benefit from shared energy in industrial and production projects.
Ashraf Hamasa, CEO of Siemens Energy in Egypt, said that Siemens Energy is extending its important partnership with Intro to help eliminate carbon emissions in the industrial sector based on Siemens Energy’s highly efficient CHP technology, which is compatible with Egypt’s Vision 2030. He added that this cooperation will support Egypt in its ambitious journey to accelerate the energy transition process and eliminate carbon emissions.
Mohamed Abbas, Chairman of the Board of Directors of Intro Sustainable Resources, added that the cooperation confirms Intro Sustainable Resources’ keenness to effectively contribute to achieving the SDGs in Egypt and the region, and the compatibility of Intro Sustainable Resources’ strategy with Egypt’s Vision 2030 to achieve sustainable development, by seeking solutions to provide energy and use green fuel, in line with a carbon-free future. He said that energy is the basic foundation for achieving comprehensive development in all societies, and the lifeblood of development in various areas of economic and social life.
Intro Sustainable Resources is one of Intro Holding Investments’ companies, which includes a diverse group of companies such as ADES Holding for oil and gas exploration, whose shares were traded on the Saudi Tadawul on 11 October.
Source: Zawya / Daily News Egypt
The committee for selecting the winning smart green projects will announce 18 small and medium enterprises by 15 October, according to Hisham Badr, Assistant Minister of Planning for Strategic Partnerships. The committee met earlier this week to evaluate the projects that were submitted from various governorates.
The committee consists of experts and professors from Egyptian universities, representatives from the Ministries of Planning and Economic Development, and the Environment, and a high-level delegation from the United Nations. The committee is chaired by Mahmoud Mohieldin, UN Climate Change High-Level Champion for Egypt.
Badr said that the winning projects will be showcased at the COP28, which will be held this year in the United Arab Emirates, to attract development support for the 18 projects out of 5,800 green projects that were submitted from all Egyptian governorates under the National Initiative for Smart Green Projects.
The Egyptian government has recently launched the second edition of the National Initiative for Smart Green Projects, which reflects Egypt’s vision to integrate development and digital transformation and to use information technology optimally.
He also revealed that he is close to signing several partnerships and agreements with the private sector and international development institutions to adopt small and medium green enterprises within the Green Smart Projects Initiative. The initiative plays an important role in facilitating communication between the private sector, international institutions, and the government.
The General Coordinator of the Smart Green Projects Initiative explained that the current stage involves reaping the benefits of the national initiative in cooperation with the governorates, starting with raising awareness of climate change through seminars, training programmes, and workshops that aimed to explain how to present smart green projects that provide solutions to climate change challenges.
He emphasized that the project evaluation stage will be completed by executive committees in each governorate that include representatives of the governorate and the ministries of Planning and Economic Development, Communications and Information Technology, Environment, Higher Education, and the National Council for Women. These committees will select the best projects based on several criteria to ensure transparency and good governance.
He stated that he held several meetings with successful businessmen in their fields to establish close partnerships that help the private sector expand in the Egyptian market in various activities, including research, green activities, recycling, and sustainable tourism. He stressed that the partnership with the United Nations contributes to providing scientific studies and research to serve the initiative, achieving complete integration between all parties.
He stressed that the initiative reflects the Egyptian state’s interest in the issue of climate change. It is part of the trend to empower the private sector, youth, and women, and in line with the state’s efforts to achieve the goals of sustainable development and digital transformation, as well as the national climate change strategy 2050. Badr explained that the goal of the initiative is to create a motivational movement within all governorates, to emphasize the importance of green and smart projects in various aspects of life.
Source: Zawya/Daily News Egypt
Beltone Capital, a wholly owned subsidiary of Beltone Financial Holding, has signed a framework agreement with CRIF, a global company specializing in credit and business information systems, analytics, outsourcing, and processing services, as well as advanced digital and open banking solutions for business development. The agreement covers potential cooperation in Egypt and the MENA region on ESG scoring, credit rating, data science and analytics, and business information.
The agreement aims to create value for consumers, businesses, and financial institutions by providing information and solutions that enable more powerful decision-making, improve access to credit, and accelerate digital innovation. The agreement also aims to provide support and value-added solutions tailored to the distinctive characteristics of the local market, especially in the SME segment.
Carlo Gherardi, Chairman and CEO of CRIF, commented: “We are delighted to be partnering with Beltone Capital. This is an important step for us in consolidating CRIF’s presence in the market, which will benefit from our global expertise in consumer finance and business information.”
Ibrahim Safwat, Beltone Capital CEO commented: “Beltone Capital’s investment platforms rely on data-driven fundamentals and modern financial technologies. This partnership with CRIF is another step towards solidifying our plans in making sound investment decisions across various industries.”
Beltone Capital is the direct investments arm of Beltone Financial Holding. Beltone Capital channels investments in technology, food and agribusiness, real estate, infrastructure, and exporting industries. Beltone Capital is dedicated to developing data science solutions and providing a cognitive interpretation of statistical models across industries.
CRIF is a global company that offers fraud prevention and cybersecurity services to consumers and SMEs. Furthermore, CRIF Ratings, a credit rating agency authorized by ESMA and recognized as an ECAI, provides ratings on non-financial companies based in the EU. CRIF is also an AISP and PISP in all European countries where the PSD2 directive for open banking is applicable, and an AISP in the UK. Founded in Bologna in 1988, today the company operates in 40 countries across 4 continents, with over 6,000 professionals.
Source: Zawya / Daily News Egypt
