Egyptian advertising start-up gets $12 million from Saudi investors

Egyptian based Adzily has raised a $12 million investment from the Saudi Arabian investment firm Tharawat Holding Company. Adzily is an advertising agency that was founded in 2018 by Ahmed Ashoor, Mostafa Hendawy, Mostafa Kamshish and Mohamed Ossman The advertising agency provides 200 advertising screens within the capital city of Egypt (Cairo). The equity funding will be used to expand the advertising screen coverage by an adding 1000 more screens in the region.

The Tharawat Holding Company is a Saudi Arabian investment holding group that was established in 2008 to diversify the economy by investing in a portfolio of businesses that typically supply the Saudi market. The group invests in sectors such as construction, real estate, healthcare, education, sports development, food & beverage, aquaculture, telecommunications and natural resources. The equity stake acquired by the Tharawat Holding Company was undisclosed.

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