Emirates NBD Group, the leading banking group in the Middle East, North Africa, and Türkiye (MENAT), announced the signing of a credit facility agreement with Elsewedy Electric Group worth over EGP 20 billion. The facility aims to support the Group’s expansion plans across Egypt, the Kingdom of Saudi Arabia, and the United Arab Emirates, reaffirming Emirates NBD’s commitment to supporting major industrial projects, particularly in the energy and infrastructure sectors, which are considered key pillars of regional economic development.
The signing ceremony was attended by senior executives from both parties, including Mr. Amr El Shafei, CEO and Managing Director of Emirates NBD Egypt; Eng. Ahmed Elsewedy, President and CEO of Elsewedy Electric; Mr. Tamer Ragheb, Head of Corporate and Institutional Banking at Emirates NBD Egypt; and Mr. Moaz Hashem, Head of Large Corporate Banking at Emirates NBD Egypt. Also, in attendance were Mr. Ahmed Shokry, Chief Financial Officer of Elsewedy Electric Group; Mr. Hany Ezzat, Group Corporate Treasurer, underscoring the strength of the strategic alliance and the significance of this step in bolstering regional investment.
The completion of this transaction in Egypt was overseen by Mr. Ramy Gobran, Group Treasury Director at Elsewedy Electric Group, along with Yasmine Nassar, Team Head, Large Corporates Division, at Emirates NBD Egypt, and Yara Khaled, Global Relationship Manager, Large Corporates Division, at Emirates NBD Egypt, who played a central role in structuring and monitoring all phases of the facility’s execution.
The team that contributed to the success of this transaction also included Mr. Moez Saleh, Regional Treasury Senior Manager at Elsewedy Electric, in addition to several senior regional leaders from the bank, including Shady Ghanem, Head of Corporate Coverage – UAE Contracting and Project Finance; Mohab Mahmoud Abdel Fattah, Team Head, Contracting Division – UAE; Ahmed AlGhamdi, Head of Corporate & Institutional Banking – KSA; and Hisham El-mazar, Team Head, Multinational Corporates Division – KSA.
In this context, Mr. Tamer Ragheb, Head of Corporate and Institutional Banking at Emirates NBD Egypt, stated: “We firmly believe in the importance of long-term partnerships with leading industrial enterprises, as they play a fundamental role in supporting local industries and driving economic growth. Our collaboration with Elsewedy Electric stands as a successful model of this vision.”
He added: “We worked closely with the Group’s team to develop tailored financing solutions that precisely meet their expansion needs, particularly in vital sectors such as energy and manufacturing. This partnership embodies our customer-centric approach, rooted in a deep understanding of our clients’ evolving needs and our ability to translate these insights into practical financial tools that enable them to achieve their growth and development objectives.”
From his side, Mr. Moaz Hashem, Head of Large Corporate Banking at Emirates NBD Egypt, said: “This agreement demonstrates Emirates NBD Group’s commitment to delivering flexible and innovative financing solutions that empower major corporations to implement their regional and international expansion plans.”
He added: “We take pride in our long-standing strategic partnership with Elsewedy Electric and remain confident in its potential to achieve sustainable growth across multiple markets. This collaboration further strengthens our presence in the Egyptian market, by providing value-added banking services that cater to the aspirations of leading institutions, while driving comprehensive economic development, boosting exports, and creating more job opportunities.”
For his part, Mr. Ahmed Shokry, Chief Financial Officer of Elsewedy Electric Group, commented: “Elsewedy Electric is widely recognized as one of the region’s leading industrial entities in the electricity and energy sectors, with a fully integrated portfolio spanning contracting, manufacturing, trading, and project finance. As of the first half of fiscal year 2025, our contracted business volume reached EGP 261 billion, while nearly 70% of our revenues come from international operations and exports, with total revenues amounting to EGP 232 billion at the end of fiscal year 2024. This reflects the Group’s strong financial position and resilience in expanding across regional and global markets.”
