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Egyptian Financial Services Authority
(EFSA). As per the EFSA, at yeat end 2016
GB Lease ranked as the third leasing
company in the Egyptian market with a
market shareof 10.66%, rising to theposi-
tion of first place contender as at March
2017, withamarket share of 14.7%.
Mashroey
is GB Auto’s second financing
venture. Founded in late 2009, it began
operations in March 2010 and offers as-
set-basedlendingtoeligiblemicrofinance
clients. Like GB Lease, the company is
now well-developed and is growing rap-
idly across Egypt, with a nationwide net-
workof around80+branches andunits.
Mashroey started out selling GB Auto’s
Bajaj-branded three-wheelers on credit
terms, but nowhas an extensive product
base that extends credit and financing
options for tuk-tuks (GB Auto product),
motor tricycles (non-GB Auto product),
YTO tractors, minivans (GB Auto prod-
uct), and pre-owned tuk-tuks. Mashro-
ey’s credit policy is stringent and its
portfolio tenor is predominantly short
term. Mashroey operates a nationwide
networkof over 100branches andunits.
Drive
was licensed as a factoring servic-
es company in 3Q12, and today extends
its services to a well-diversified client
base,rangingfrombusiness-to-business
(SMEs) to business-to-consumer (retail),
which includes auto loans to end con-
sumers. Drive has grown steadily since
its establishment, making remarkable
strides in market presence and carving
a place for itself in the very competi-
tive automotive financing sector since
inception. Drive anticipates a further
boost to its operations after factoring
regulations expanded the scope of
operations to allow both business-to-
consumer and business-to-business.
The company has a well-developed
portfolio, offers medium-term tenors,
and focuses on risk diversification by
finance product types, client base, and
automotive brands.
Drive finances sales of GB Auto’s pas-
senger cars out of the company’s show-
rooms and also transacts with key
independent dealers in the company’s
network. Drive is non-exclusive to GB
Auto and offers amultitude of financial
solutions for various SMEs and con-
sumers. Drive is regulated by and op-
erates under the auspices of the EFSA.
As per the EFSA, at year end 2016 Drive
ranked as the third factoring company
in Egypt with a market share of 18.72%,
rising to second as atMarch2017, witha
market share of 20.86%.
Haram Tourism Transport
(HTT, also
known as Haram Limousine) operates
as a car rental company on a quasi-
operational lease basis. It is one of the
market leaders in f leet leasing in Egypt
Y-o-Y Increase in
Financing Business
Revenues
66.3
%
2016 ANNUAL REPORT
41