The two banks said in a joint statement on Tuesday that they had reached an initial agreement to reorganize their UAE operations as part of efforts to integrate their overseas banking presence and ensure an orderly transfer of business.
It will focus on upgrading Hamra Petroleum Port into a regional hub connecting Middle Eastern crude flows with European markets.
It also includes the development of a modern digital platform to facilitate effective access to survey results.
These projects, with total foreign investments amounting to EGP 1.7 billion, will be implemented through Misr Rayon and Polyester Fibers Company, a subsidiary of the Cotton, Spinning, and Weaving Holding Company.
The UAE company will establish two energy storage stations: the Banban Station with a capacity of 500 MWh, and the Zafarana Station with a capacity of 1,000 MWh.
