Egypt’s EALB in Talks with 5 Gulf Firms to Market its Property Assets

Egyptian Arab Land Bank (EALB) is currently negotiating with the major 5 UAE and Saudi Arabia firms in order to marketing its real estate assets abroad, said Adnan El-Sharkawy, deputy chairman.

Speaking to Amwal Al Ghad on Thursday, El-Sharkawy explained that the bank will choose 3 firms among the 5 major firms for a bid to select the firm which will marketing EALB’s assets in exchange for a commission.

The bank has recently contracted with Marsa Abu Dhabi Properties LLC to marketing assets for Egyptian abroad in the current year.

EALB has real estate assets portfolio estimated at EGP2.7 billion alongside EGP500 million mortgage portfolio in addition to EGP350 million the bank obtained from mortgage Fund.