The head of Al-Tameer Real Estate Finance Company “Al-Oula”, Ayman Abdel Hamid, said that the company purchased a portfolio of real estate debts worth one billion pounds from one of the major real estate developers operating in the Egyptian market, during the past days.

Abdel Hamid explained that the debt portfolio that the company purchased contributed to achieving a surge in the value of its financing by the end of the first half of this year, reaching 2.9 billion pounds.

He expected the volume of financing that the company aims to make available by the end of this year to increase from the level of 2.45 billion pounds in 2023, to between 4 and 4.5 billion pounds by the end of 2024.

“Al-Oula” is the largest real estate financing company in Egypt, and its shareholder structure includes 13 major government agencies, and it holds a market share equivalent to 23.5% in the Egyptian real estate financing companies sector, which includes about 20 companies, which together provided financing worth 10.5 billion pounds during the year 2023.

A month ago, Abdel Hamid said that his company aims to provide real estate financing worth more than 10 billion pounds over the next three years, a value equivalent to the total financing that the company provided to its clients in Egypt since its founding in 2003 until the end of last year, which amounted to about 10.5 billion pounds.

New credit facilities

On the other hand, Abdel Hamid revealed that “Al-Oula” has begun negotiations with 4 banks operating in the Egyptian market to borrow about two billion pounds during the second half of this year.

“We have already obtained bank facilities worth 1.5 billion pounds over the past six months, and they have been fully refinanced, and we have open lines with 10 Egyptian banks to arrange the financing that the company is looking for,” according to Abdel Hamid.

He explained that during the last two years, the company obtained 6 billion pounds from banks, of which it used more than 4 billion pounds, and it currently has a balance in the range of one billion pounds.