Cairo: Beltone Financial Holding (“Beltone”) one of the fastest-growing investment banks, announces that its wholly owned subsidiary Beltone Leasing & Factoring (“the Company”) has signed a sale and leaseback agreement with Al Ahly Sabbour for Real Estate Developments (“Al Ahly Sabbour”), one of the largest real estate developers in Egypt.
The agreement involves the sale and leaseback of real estate assets with total considerations of EGP 1.2 billion. The disbursement will occur over two tranches. The first tranche amounts to EGP 600 million. While the second tranche will be syndicated through the Company along with other financial institutions.
Eng. Ahmed Sabbour, Chairman of Al Ahly Sabbour for Real Estate Developments, commented: “It’s our pleasure to cooperate with Beltone Leasing & Factoring, as its one of the largest companies operating in the field. This agreement is a huge win for our group and will substantially contribute to our financing requirements and accelerate the pace of construction in our projects, further solidifying our position as a leading real estate developer in Egypt and soon in Saudi Arabia”.
Amir Ghannam, CEO of Beltone Leasing & Factoring, commented: “We are excited for our collaboration with Al Ahly Sabbour. Beltone Leasing & Factoring is committed to support business growth in Egypt and the region. This agreement demonstrates our dedication to providing innovative financing solutions tailored to the evolving needs of our clients. We are aiming to contribute to the real estate development industry growth and its long-term prosperity”.
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