Real estate sector acquires 70% of financial leasing contracts in Egypt

Real estate sector has captured 70 percent of the total financial leasing contracts signed in Egypt at the end of September, said head of the Mortgage Finance Fund on Tuesday.

Mai Abdel Hamid, Chairman of the Mortgage Finance Fund, further stated that the real estate sector signed leasing contracts worth 10 billion Egyptian pounds ($1.1 billion) by end of September.

Speaking at the second annual financial leasing conference, Abdel Hamid added that there are great opportunities for the leasing sector within social housing sector.

The Social Housing Finance Fund’s budget has reached 61 billion pounds giving the opportunity to secure financing leasing for contractors and subcontractors, she stated.

Around 400 contractors and subcontractors can obtain finances from companies for purchasing equipment and tools.

Furthermore, the New Urban Communities Authority, an agency under Ministry of Housing, also has a large budget amounting to 37 billion pounds, that is why there would be more and more of promising opportunities for financial leasing within social housing and real estate activities, Mai stated.

In cooperation with the Egyptian Financial Supervisory Authority (EFSA), the Social Housing Finance Fund issued decree no. 229 that facilitates financial leasing activities in new cities.