Raya Holding for Financial Investments, a Cairo-based investment conglomerate owned by Egyptian tycoon Medhat Khalil, has entered into a strategic partnership agreement with Huawei Egypt to collaborate in the establishment of clean-energy data centers as part of its effort to achieve carbon neutrality and build a green future.
The strategic partnership, which aligns with Egypt’s efforts to host the UN Climate Change Conference (COP27) and the National Strategy for Climate Change 2050, is part of Raya Holding’s effort to expand its operations in the technology sector.
Hisham Abdel Rassoul, CEO of Raya Information Technology, stated that Raya wants to strengthen its collaboration with Huawei to support future projects and operational work.
Since its formation in 1999 from entities owned by Khalil, Raya Holding has grown into a leading brand in Egypt, with its diverse operations generating a net profit of EGP541.4 million ($34.5 million) in 2021, compared to a net loss of EGP45.7 million ($2.9 million) in 2020.
Raya Holdings recently agreed to sell a 62.3-percent majority stake in its subsidiary Ostool Transport to Paradigm Logistics, a U.S. logistics and transport management company.
This is part of Raya Holding’s plans to expand its operations with a core focus on the technology sector while reducing costs from operations in highly competitive industries, as outlined in its strategic expansion roadmap.
In the first quarter of 2022, the group’s profit increased by 49.6 percent to EGP53.58 million ($2.9 million), compared to EGP35.80 million ($1.92 million) in the same period of 2021, thanks to a 10.9-percent surge in revenue from EGP4.03 billion ($216.3 million) to EGP4.47 billion ($240 million).
