Egyptian tycoon Medhat Khalil’s Raya CX buys stake in Bahraini firm from U.S. investor

Raya Customer Experience (Raya CX), a subsidiary of Raya Holding, a Cairo-based investment group partly owned by Egyptian businessman Medhat Khalil, has furthered its expansion plans by acquiring a 14.97 percent stake in Gulf Customer Experience Bahrain.

The acquisition, detailed in a market filing, saw Raya CX purchase 59,170 shares in the Bahraini company from an American investor. This move aligns with Raya CX’s strategy to expand its delivery locations and capture a larger share of the client market.

Raya CX profit surges 278 percent in 2023

Raya CX is one of the many subsidiaries of Raya Holding, an Egypt-based investment conglomerate established in 1999 through the merger of Medhat Khalil’s Protech and Oratech. Khalil currently holds an 18.37 percent stake in Raya Holding (383,851,916.40 shares).

Mirroring its parent company’s success (with revenues exceeding $650 million in 2023), Raya CX reported strong financial performance for fiscal year 2023. Net profits after tax reached EGP159.72 million ($3.35 million), a significant increase from EGP42.22 million ($0.88 million) in 2022. This growth is attributed to a surge in revenue, rising from EGP789.31 million ($16.6 million) to EGP1.21 billion ($25.4 million).

Strategic expansion under Medhat Khalil’s leadership

The recent acquisition, spearheaded by Raya Holding Chairman Medhat Khalil, solidifies Raya CX’s position within the MENA region. In 2023, the company opened a 400-seat facility in Riyadh, Saudi Arabia, to meet growing demand and fulfill a robust client pipeline.

This expansion follows a strategic partnership agreement signed in August 2022 with Zain KSA, Saudi Arabia’s Mobile Telecommunication Company. Under this agreement, Raya CX manages Zain KSA’s customer experience operations within the Kingdom.