EALB Inks Settlement Deals with Customer in Default worth EGP300mn

Egyptian Arab Land Bank(EALB), Suez Canal Bank and Bank Barclays signed settlement contracts with customer in default worth EGP300 million.

Mr. Abdel Megid Mohy El-Din – Chairman said the settlement has completely concluded against obtaining real estate assets that owned by customer in default.

EALB is seeking conducting settlements with defaulters worth EGP750 million during the current year against EGP550 million settlements in the last year, Mohy El-Din added.

Marsa Abu Dhabi Properties company will market EALB’s assets portfolio that estimated at EGP2.7 billion  by the upcoming month, Mohy El-Din noted.

EALB is considering launching project for Low-income people on an area of 27 feddan in El Saf-Cairo with investments ranging from EGP300 to EGP400.

Moreover, EALB was inked contracts worth EGP350 million with real estate fund to make the best use of CBE’s initiative.