Kuwait Finance House Egypt Launches a Unique Joint Cooperation Agreement with "El Sewedy Utilities-One of El Sewedy Electric Power Group" to Provide Innovative Financing Solutions for Energy Systems in Residential Complexes

As part of our efforts to enhance sustainable development and in line with Egypt's Vision 2030, and applying the bank's direction to support the state’s efforts to achieve climate goals through providing sustainable financing to rationalize energy consumption and reduce carbon emissions from the residential sector, Kuwait Finance House Egypt's strategic relations and business development team under Corporate Group has succeeded in signing a joint cooperation agreement with El Sewedy Utilities  Company ,this agreement aims to install smart energy meters for homeowners in residential complexes where the company is providing the utilities and facilitating the process for the company’s customers and simplify procedures and requirements. The bank will provide flexible, Sharia-compliant sustainable financing to the company’s clients for installing smart energy meters, while also increasing the bank's assets portfolio and attracting new customer base.

It is worth noting that this joint cooperation agreement is the first of its kind and represents an important step in encouraging similar agreements. The initiative of this collaboration will enhance and encourage future sustainable protocols.

Ms. Hala Sadeq, CEO and Board Member of Kuwait Finance House "KFH Egypt", stated that this partnership marks a qualitative leap in sustainable financing projects, saying: "Through our cooperation with El Sewedy Utilities —one of the energy giants in the region—we aim to redefine the concept of sustainable housing by integrating smart technology with the mechanisms of Islamic financing, which is characterized by transparency and social responsibility. This step not only enhances the quality of life for residents but also accelerates the environmental transformation led by the Egyptian state under its wise leadership."

Eng.Sherif Shalaan, CEO of El Sewedy Utilities, expressed his delight with this partnership with Kuwait Finance House -Egypt, affirming that this agreement represents a significant step towards achieving our goals of providing sustainable and smart energy solutions for residential complexes in Egypt. "Through this collaboration, we will be able to provide our customers with accessible and flexible financing options for installing smart energy meters, which will contribute to the rationalizing energy consumption and reducing environmental costs. We believe this partnership will have a significant positive impact on the energy sector and society as a whole. At El Sewedy Utilities, we are proud of our journey since our launch in 2019, during which we have established strong foundations across three core business lines: Integrated Infrastructure investment & Service Provision, integrated Facility Management Solutions , and Distribution Concession & Operational management . This experience has provided us with the expertise and resources necessary to deliver innovative and sustainable solutions. We are excited about partnering with Kuwait Finance House Bank -Egypt to bring these solutions to fruition and contribute to a more sustainable future for Egypt."

It is also worth noting that the Kuwait Finance House Group announced its full acquisition of the Ahli United Bank Group - Bahrain, leading to the rebranding of Ahli United Bank Egypt to "Kuwait Finance House - Egypt (KFH-Egypt)." The bank has fully transitioned to being Sharia-compliant and is now one of the units of Kuwait Finance House Group, which currently operates in 12 countries around the world. It is the second-largest Islamic bank globally and the largest bank in Kuwait in terms of market capitalization.

About El Sewedy Electric (EE ) :

ELSEWEDY ELECTRIC (EGX: SWDY.CA) is a leader in integrated energy, infrastructure & digital solutions, focused on delivering turnkey projects on fast-track basis. For 85 years, ELSEWEDY ELECTRIC has been committed to providing reliable energy solutions, hence creating smarter and more livable cities. As the pioneer in energy and infrastructure solutions in Africa, Middle East & Asia, the company operates in 5 business lines: wires & cables, electrical products, engineering & construction, infrastructure investments, & digital solutions. Headquartered in Egypt, ELSEWEDY ELECTRIC announced revenues of EGP 92.168 million with net income of EGP 5.8 billion in December 2023, with a capacity of 18,000 employees, 48 international offices, 31 production facilities, with export capacity to over 110 countries

News about ELSEWEDY ELECTRIC is available on www.elsewedyelectric.com/en/home/