Amlak Finance & Real Estate Investment (Amlak), subsidiary of UAE-based Amlak Finance PJSC, targets finances of 125 million Egyptian pounds (US$15.9 million)in 2016, CEO Hatem Amer said Monday.
On the other hand the company has achieved finances of 85 million Egyptian pounds by the end of 2015.
Amer told Amwal Al Ghad that his company aims to launch new products during the current year notably lease to own product directed to the upper-middle class, which the bank the bank has allocated 70 million Egyptian pounds to.
Furthermore, Amlak’s paid capital is estimated at 125 million Egyptian pounds with no intention to increase the capital during the current period.
Moreover, Egypt’s mortgage market has witnessed a considerable growth of 70% during 2015, the amount provided finances from the mortgage companies recorded 981 million Egyptian pounds in 2015 compared to 576 million Egyptian pounds in 2014.