GOIC signs MOU with FinCorp Investment Holding Co.

H.E. the Secretary General of GOIC, Dr. Ahmed Khalil Al Mutawa' signed on behalf of GOIC while Mr. Mohammed Hamdi Salem, Chairman of the Board and Chief Executive Officer, signed on behalf of FinCorp Investment Holding Co.

The articles of the memorandum of understanding covered many fields of mutual cooperation between GOIC and FinCorp including preparation of initial studies and feasibility studies for industrial projects; and provision of consultancy and necessary projects' information. The MOU includes having GOIC providing economic and financial consultants to cooperate with the company in preparing studies or consultancies, in addition to financing the feasibility studies and consultancies which FinCorp requests from GOIC.

Other articles covered organizing the public and private introduction of the projects which GOIC plans, promoting projects' feasibility studies prepared by GOIC, participating in arraigning training courses as well as a series of specialized symposiums in banking, investment and economic fields of common interest, in addition to cooperating with GOIC in preparing the required booklets and documents to help investors and financers participate in the subject project.

GOIC, founded in 1976 targets developing industries throughout the GCC by means of providing both the industrial and economic sectors, with distinctive knowledge, consultancy and technical services. GOIC's mandate is to promote the highest levels of industrial cooperation and collaboration, in both the public and private sectors, by providing a complete set of high-quality, specialized research, information and consultancy services.

GOIC recently singed a group of memoranda of understanding and cooperation agreements with a number of institutions and international organizations such as First Gulf Bank, Carnegie Mellon University and ISTIA. A record to be added to GOIC credits in establishing relationships with pioneering establishments such as WTO, ESCWA, UNIDO, and OECD.

On the other hand, FinCorp (an Egyptian joint stock company) was established in Egypt in 1998 by a group of financial institutions with a paid up capital of 20 million. The company works as an investment banking firm for the purpose of investing its resources in establishing companies issuing stocks, or participating in raising capital for such companies; promotion and underwriting; portfolio management; and venture capital.

Since its establishment, FinCorp has rendered specialized financial and Managerial services to its distinguished clients, whether organizations, companies or business groups in Egypt. In the last three years, it has modified its strategic planning and expanded from a local company providing activities to the Egyptian market only, into a regional company working in six of the most important emerging Arab markets in the region.