Al-Ahly Medical Company (AMC), owned by the National Bank of Egypt (NBE), will soon open its first-ever hospital in Mokattam district, at a cost exceeding EGP 100m. The NBE's Vice Chairperson Yehia Aboul Fotouh said the company has previously established three health centres, and intends to expand in the establishment of such centres in the coming period. Aboul Fotouh is also the Chairperson of the AMC, while Adel Allam is the CEO of the company. It comes in the framework of the NBE's strategy to support health and education services, through financing projects in these two sectors directly or directing a large part of its corporate social responsibility's spending in these areas. The bank has financed the construction of several universities recently. The NBE's subsidiaries include Al Ahly Capital Holding Company, the investment arm of the bank, Al Ahly Exchange, Al Ahly Mortgage Finance, Al Ahly Leasing Company, Al-Ahly Medical Company, and Al Ahly for Reclamation and Land Agriculture. The NBE also holds shares in some companies, including the Egyptian Banks Company, Fawry, and e-finance. Aboul Fotouh said in a previous statement that the NBE has decided to add money factoring to Al Ahly Leasing Company, ruling out the establishment of a company specialised in factoring at the present time. He added that they still study the launch of a new company to finance microenterprises. He added that the NBE aims to exit from five or six companies during the current fiscal year, as well as selling some land plots worth EGP 1bn, in partnership with Banque Misr. In the framework of the bank's investment rotation, Aboul Fotouh noted that "when an investment project reaches a certain stage, we exit it and enter another." On a different note, Aboul Fotouh revealed that the bank aims to expand its non-banking financial services in the coming period. Al Ahly Capital Holding has recently announced its acquisition of Pharos Securities Brokerage. The company is also close to completing its acquisition of other subsidiaries of Pharos, including Pharos Promotion and Underwriting, Pharos Asset Management, and Pharos One. The merger procedures are to be completed this month. This step aims to turn Al Ahly Capital into an integrated investment bank, Aboul Fotouh said, denying reports about the bank's intention to acquire other companies at the present time.
