EGYPT: 1ST E-COMMERCE COMPANY LAUNCHED.(Siranet formed by Citibank and Raya Holding Co.)(Brief Article)

IPR Strategic Business Information Database, August, 2000

According to Al-Sharq Al-Awsat newspaper (August 29, 2000), two days ago, the Citibank and the Raya Holding Company signed a contract in Cairo to set up the first e-commerce company in Egypt, called "Siranet." The value of the new company's paid-up capital amounts to EP 15 million and is equally shared by the Bank and the Raya Company.

This initiative reflects the first strategic alliance between one of the worldwide leading financing corporations and one of the leading information technology companies in Egypt. The "Siranet" company will perform comprehensive ordinary electronic services to enable marketing through the Internet along with safe banking transactions. (EP3.4=$1).