EAL Bank Sells 31 Chalets In Ain Sokhna For EGP 12 Mln

Egypt Arab Land Bank sold 31 chalets in Ain Sokhna for EGP 12 million out of the 26 chalets offered for sale in a public auction last Thursday.

EAL Bank also sold last week a 738-meter land for EGP 12 million in Sayed Taher Street, Abdeen, Downtown, in a sealed envelope auction, said Mohamed Bayoumi, GM of Investments & Mortgage Finance Department of EAL Bank.

Sources said the Bank targets reducing its real estate assets portfolio which value reached EGP 2.6 billion.

EAL Bank studies partnering with real estate companies to improve these assets before selling them.