Egypt's Contact Financial Holding has appointed John Saad as its new managing director and chief executive officer, succeeding Said Zater who has become vice-chairperson of the group's board of directors, the company said on Tuesday. The leadership transition comes as the non-banking financial services provider reported that its total financing portfolio surpassed 21 billion Egyptian pounds for the 2024 financial year. The company also said its total lending since inception reached almost EGP 75bn, with gross written premiums for its insurance division nearing EGP 7bn. "I am thrilled to join Contact Financial Holding and would like to extend my sincere appreciation to Said Zater for his visionary leadership, which has firmly positioned Contact among Egypt's top non-banking financial institutions," Saad said in a statement. "It is an honour to be part of this Group, which has achieved total lending of nearly EGP 75bn since inception. I look forward to driving excellence by building upon these achievements, prioritizing customer-centricity, and developing innovative financing solutions, while preserving the Group's strong foundation and deeply rooted values." Saad joins Contact with over 20 years of commercial and marketing experience in the technology sector. His career began at a major Egyptian telecommunications company where he held several marketing and senior management roles. He has served as chief commercial officer for companies in Egypt, Qatar, Saudi Arabia and the UAE, and was also CEO of a digital entertainment platform in the MENA region. Saad is the co-founder and CEO of an AI-focused company, the statement added. Contact, Egypt's first licensed consumer finance provider, offers services through its financing arms, Contact Credit and Contact Creditech. Its services include a range of financing for auto loans, home interiors, education and green finance. Its AI-powered "Contact Now" app provides real-time credit assessment and instant financing approvals. The group's offerings also include leasing, mortgage, and factoring services, supported by a network of 72 branches across Egypt, an office in Dubai serving Egyptian expatriates, and a regional subsidiary, "Almasi", in Kenya. In capital markets, the company's "Sarwa Securitization" arm closed its 45th bond issuance in 2024, valued at EGP 1.2bn. The total value of bonds issued in the Egyptian market and backed by portfolios generated by Contact has reached approximately EGP 30bn through 29 bonds. Contact has also been active in sukuk issuances. The company's insurance division, which includes Sarwa Insurance, Sarwa Life Insurance, and Contact Insurance Brokerage, reported gross written premiums nearing 7 billion Egyptian pounds by the end of 2024. Contact attributed its performance to its focus on digital transformation, driven by a team of more than 3,000 employees. Its digital platforms include the "ContactNow" app and "ContactCars.com", a specialised automotive platform which reached 1.2 million monthly users by the end of 2024. Forbes Middle East named Contact one of its "Top 50 Fintech Companies in Egypt" for the second consecutive year.
