Three corporations have come together to set up a firm that will concentrate on investing in private ventures in Egypt.

Announcing the joint venture named Oasis Capital Egypt at a recent event was one of the partners, Majid Al Futtaim, president of the Majid Al Futtaim Group of Companies.
Oasis Capital Egypt, worth $150 million, is a joint partnership between Majid Al Futtaim (30 per cent), Naguib Sawiris of Orascom Telecom (40 per cent) and Lubna Olayan of Olayan Financing Company (30 per cent).
“This is the first time that an alliance between three such dominant corporations is taking place in Egypt,” said a spokesman for the partnership.
Targeting investment figures in the range of $25 million to $35 million, the new enterprise will seek majority stake ownership in companies located throughout Egypt with the goal of investing in those that have not yet realised their full potential, the spokesman said.
“Oasis Capital Egypt is an initiative that reflects on our confidence in the future of the economic development of Egypt,” commented Francois de Mountaudoin, CEO of Majid Al Futtaim Holding.
 “Our partnership with Orascom Telecom and Olayan Financing Company will create an opportunity for us to increase our competitiveness, fuel further growth in the region, and enable us to continue to enhance our reputation as one of the most successful businesses in the Middle East.”
Oasis Capital Egypt is set to bring the Egyptian economy several new benefits through its provision of capital and expert industry guidance, contributing to the development of different businesses ranging from industrial and manufacturing to consumer goods and textiles.  It will work through a local Egyptian management company, established for the sole purpose of this venture.