Investing in Employment in the Middle East and North Africa Region

SANAD Entrepreneurship Academy

Press Releases

Cairo and Frankfurt am Main, 2015-08-12

Signing of Joint Venture agreement by shareholders of Global Leasing Company (GLC)

Cairo and Frankfurt am Main, 12 August 2015 - In an event that was marked by excellence and simplicity, the signing ceremony of the joint venture agreement between Wadi Degla Holding for Financial Investments, one of the largest investment groups in Egypt, the GCC, and Africa, and with the SANAD Fund for MSME (SANAD) – initiated and funded by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union in 2011 – took place on Wednesday, August 12th. SANAD provides medium and long-term debt and equity financing to commercial banks, microfinance institutions and other financial institutions in the Middle East and North Africa (the MENA region).
There was a meeting of minds between the investors to form an economic entity named Global Leasing Company (GLC) after studies and negotiations that extended over almost six months. GLC began its activities in May 2015 and relied on an excellent caliber of professionals from the financial services industry, particularly the leasing sector and the banking sector, in addition to professionals with experience in credit risk management. GLC is distinguished by its leadership, which brings a diverse set of experience to the table, and the consortium of high profile investors with a strong track record and extensive experience in supporting the management of projects they invest in.
Maged Helmy, the CEO of Wadi Degla Holding and the Chairman of the Board of GLC stated that this investment is part of an ambitious plan developed by the group to diversify its activities, and in line with Wadi Degla’s intention to continue its continental and regional expansion. Mr. Helmy also asserted his confidence that GLC will be a success in light of the excellent caliber of professionals at the company. This, according to Mr. Helmy, is just one of the aspects that will ensure a distinguished market position in the local market and abroad, with strong backing from its current shareholders.
Wolfgang Reuss, Chairman of the Board of Directors of SANAD said: “In Wadi Degla and the management team around Hatem Samir we have found the ideal partner in Egypt to address the SME segment with innovative leasing solutions to strengthen the backbone of the Egyptian economy by helping to create and foster employment.”
Hatem Samir, the CEO and Managing Director of GLC also expressed his delight in being part of this distinguished union of highly qualified managers and young, enthusiastic cadres who were selected in line with highest of standards. The backing from a group of investors with experience and qualifications in financial sector investments is, in Hatem Samir’s view, ground for optimism.
He also added that GLC has already started operations and has, in a short span of time, succeeded in building a high-quality lease book by working with clients with distinguished credit ratings. This is driven by GLC’s unconventional approach to leasing activities and its strategy to build a balanced portfolio in terms of asset type but also in terms of clients, as the company will seek to place 60% of its portfolio in financing large and multinational corporations, and dedicate up to 40% of its portfolio to small and medium enterprises (SMEs).
The signing ceremony was attended by the Chairman, and Directors of the Board of Wadi Degla and GLC, and by high profile dignitaries from the German side, including representatives of KfW Development Bank, the SANAD Fund, the German Embassy in Egypt as well as representatives from several Egyptian banks and the Egyptian Financial Supervisory Authority (EFSA).
It is important to note that GLC’s authorized capital is EGP 500MM and its paid-in capital is one hundred million Egyptian pounds, distributed between its shareholders. Wadi Degla Holding owns a 68% stake and the SANAD Fund holding a 30% stake in the joint venture.

Download Press Release
About Wadi Degla Holding
Since our establishment, our vision has always been aspiring to become the leaders in the Egyptian markets through our diversified portfolio. The group’s strength comes from its ability to interconnect the sub-companies together; thus creating synergy and becoming stronger. 
The Wadi Degla Group started operations in 1994 through the Egy Trading and Engineering Projects Company and later on expanded its telecom operations geographically, with existence in 14 African countries, working with reputable telecom operators and contractors. During 2002, the Group established Wadi Degla Clubs s.a.e. which includes 16 clubs in Egypt, The Gulf & Africa with an expansion plan to reach 25 clubs. The group further explored the development business through establishing its Real Estate arm, Wadi Degla Developments. The company currently operates a total of 17 projects in prime spots in Greater Cairo, Ain El Sokhna, Hurghada & the North Coast. The group operates other industries including Football, Retail, Agriculture, F&B, Leasing, Financial Services for members, Yachts & Education. It is also worth mentioning that Wadi Degla has signed a usufruct contract to manage the operations of Cairo Tower for 10 years.
The Wadi Degla Group is about building today, being innovative in the way we find solutions, the way we are efficient and the way we adapt to the market. We connect the dots by connecting the present to the future with the objective to become bigger, leveraging the power of collective. We place high value on the collective effort that is focused towards the greater good; we believe that unity established within the group is what makes us grow stronger. We find freedom in responsibility. In the empowerment of people and community, we feel a deep obligation to contribute positively to the world. Together, we build a better today.
About the SANAD Fund for MSME
Initiated and funded by KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union in August 2011, the SANAD Fund for MSME (SANAD) provides medium- and long-term debt and equity financing to commercial banks, microfinance institutions and other financial institutions in the Middle East and North Africa (the MENA region). The purpose of SANAD is to strengthen the local micro-, small and medium enterprise (MSME) sector and financial markets in line with the principles of responsible finance. Eligible countries are currently Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, the Palestinian Territories, Tunisia and Yemen. The Fund’s activities are supported by a technical assistance facility, which provides capacity-building support to partner institutions. SANAD is a public-private partnership. Its target investor base is comprised of donor agencies, international financial institutions and institutional private investors, including the European Commission, the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW and Switzerland's State Secretariat for Economic Affairs (SECO). SANAD is privately managed by a consortium consisting of Finance in Motion GmbH, Frankfurt/Main and Oppenheim Asset Management Services S.à r.l., Luxembourg.
For more information, please visit:
Media contact – Wadi Degla Holding
Reham Nagib
Phone: +201143555611
Media contact – SANAD
Christine Prütz
Phone: +49 69 977 876 50-22

Advised by
Funded by