Egypt’s Pioneers Holding to invest 1.7 bln pounds by end-2016

Pioneers Holding, one of Egypt's largest financial services firms, plans to invest 1.7 billion Egyptian pounds ($191.44 million) in Egypt this year, Chairman Walid Zaki said in a statement on Sunday.

It plans acquisitions and capital increases in its subsidiaries, Zaki was quoted as saying in the statement.

The company is not looking to expand out of Egypt for the time being, he said.

Pioneers has invested more than 3.6 billion pounds over the past three years in Egypt's food and industry and real estate sectors and is looking to expand further in those sectors.

The firm also plans to complete a 2 billion pound initial public offering of property developer Rooya Group in the second half of this year.

Zaki said the timing for the offering would be determined after completing legal procedures.

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