Catalyst Partners has submitted paperwork to establish Egypt’s first Special Purpose Acquisition Company (SPAC), the firm announced on Tuesday. The company, named Catalyst Partners Middle East, will operate as a venture capital firm focusing on acquiring businesses in the non-banking financial services and fintech sectors. “Catalyst Partners Middle East aims to capitalize on the investment opportunities in the Egyptian market, particularly in the non-banking financial sector.”Catalyst Partners Middle East aims to provide a new financing channel for non-banking financial institutions (NBFIs) and fintech platforms through the EGX. Shawky expressed his deep appreciation and gratitude to the FRA leadership for their continuous efforts in developing and promoting the non-banking financial sector. The company’s managing director, Tarek Effat, said Catalyst Partners Middle East will disclose its plans for private placement after completing the establishment process and temporary listing on the EGX.

Source: Daily News Egypt August 01, 2024 17:54 UTC