EGYPT – Beltone Investment Holding (BIH), a subsidiary of the financial solutions provider in the Middle East and North Africa Beltone Holding, has launched a US$100 million private credit platform to address the unique financial needs of Egyptian export champions.
Egypt boasts diverse companies poised to become the future pillars of an export-oriented economy, covering traditional industries and emerging sectors such as artificial intelligence, manufacturing, agriculture, and tourism.
Beltone Holding CEO Dalia Khorshid recognized the potential of these businesses and expressed her confidence in the Egyptian economy’s growth prospects.
“Whether these companies seek to expand their export capabilities or establish offshore operations, they require access to tailored financial solutions provided by a trusted partner, with a keen awareness of the rapidly evolving nature of global business,” she stated.
Beltone Holding aims to fill this gap by offering a comprehensive platform that meets the specific requirements of Egyptian export champions.
Head of Investment Bank at Beltone Holding, Mohamed Aboulfadl, emphasized the company’s commitment to building the next generation of Egyptian giants that will proudly represent the nation in the Arab Gulf, Africa, and beyond.
“The private credit platform, which falls under the Investment Bank Platform, marks a significant step forward in Beltone Holding’s strategy to support the growth and expansion of Egyptian businesses,” he said.
The platform size will be adaptable to market demand and is expected to grow over time.
It will focus on collaborating with companies engaged in offshore projects or operations, offering services such as working capital finance and cash flow discounting.
BIH has obtained all the licenses and regulatory approvals required to commence operations.
The platform’s financing will be facilitated through a US$100 million loan from Beltone Holding’s anchor shareholder.
BIH is eager to leverage its expertise and financial resources to support Egyptian export champions in their journey toward success.
Beltone also partnered with CI Venture Capital, a UAE-based Citadel International Holdings subsidiary, an investment management firm headquartered in Abu Dhabi to support the growth of fast-growing startups.
The partnership aims to establish and manage a US$30 million fund to support the growth of fast-growing startups. Over the past few months, the fund has invested in several prominent startups across various sectors and countries, including Bosta, Trella, Qlub, and Ariika.
According to a report by Wamda, startups in the Middle East and North Africa (MENA) they raised US$254 million in March across 54 deals, up 186 percent (M-o-M) from February’s US$88.7 million and 1.17 percent (Y-o-Y), compared to US$251 million in March 2023.
March witnessed a surge in investment activity, breaking the downward trend in January and February and bringing the first quarter of 2024 totals to US$429 million through 129 funding rounds.
“However, we cannot say that the ecosystem has entirely recovered, as the activity remains 62 percent lower than in the same quarter last year,” the report said.
Egypt comes third, following Saudi Arabia and the UAE, with eight startups raising US$7 million, according to Wamda.
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