Egyptian Arab Land Bank(EALB) signed protocol with Marsa Abu Dhabi Properties company in the last week in order to marketing the bank’s assets in Gulf countries.
The accumulation of real estate assets for many banks during the current period requires reviewing unconventional methods to get rid of it or exploit it for the bank’s benefits, stressing that his bank owns approximately EGP2.7 billion real estate assets, Abdel Megeed Mohey El-Din, the Vice President of EALB said.
The direct sales of assets for the financial position will be benefited in luxury housing cases while low and middle categories have no demands especially in the light of the Egyptian economy recession in general and real estate sector in particular from three years ago, Mohey noted.
EALB negotiated with some investors from Portugal regarding exploiting assets for the bank in Egypt, pointing that the advantage of the real estate assets which owned by banks will depend on how activeness of the real estate market.
Moreover, Mohey illustrated that the amendments of legislative structure will permit to the banks issuing real estate funds so as to stimulate the sector and support banks to get rid of the accumulative assets.