EALB In Talks With Arab Contractors and Rolin To Develop Real Estate Assets

Egypt Arab Land Bank is in talks with state-owned contractors and construction companies including the General Construction Co. Rolin, subsidiary of National Company for Construction and Development (NCCD), and the Arab Contractors to develop its real estate assets valued at EGP 2.3 billon at the end of April.

Abdel Megid Mohy El Din, deputy chairman of EALB, told Amwal Al Ghad that the Bank is in advanced talks with Rolin Company as it is the Bank’s client. The Bank may negotiate with more companies in the upcoming period, Mohy El Din added.

The Bank is developing its real estate assets to avoid the recession the real estate market is witnessing, Mohy El Din said, adding that the Bank sold some lands and chalets in Ain El Sokhna and lands in Green Land for more than EGP 50 million.

Mohy El Din expected that real estate market will be improved after the presidential elections, noting that medium-class real estate market has not witnessed a recession in the last period.