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Saib Bank signs a cooperation protocol with Al-Safwa Urban Development Company, SUD



Saib Bank, one of the largest banks operating in Egypt, announced the start of the real estate financing program, "The Central Bank's Initiative for Medium Income Financing", whereby Saib Bank signed a cooperation protocol with Al-Safwa Urban Development Company, SUD, one of the largest operating companies in the market.


Mr. Amr Atallah, Deputy Managing Director for Business and Operations Sectors, said, “The Central Bank and the banking sector pay all attention to the real estate sector, as it is considered one of the most important indicators of national economic growth, so it is natural to support real estate activity, which drives its growth to the growth of many other sectors. He added, "The bank's signature of a cooperation protocol with one of the largest companies operating in the real estate market comes in line with the bank’s strategy to stimulate and increase the mortgage finance portfolio, as well as to achieve the common goals of both parties."


For his part, Mr. Amr Nasir, Head of Retail Banking Group, Distribution Channels, Institutional Communication and Marketing, pointed to the social dimension of the Central Bank's initiative to finance middle-income financing, as it aims to provide suitable housing for all segments of society. Where the program allows the ownership of residential real estate with financing up to 80% of the property value with a financing value of one million and eight hundred thousand Egyptian pounds from the value of the housing unit in all different housing projects in all governorates of the Republic to which the terms of the initiative apply, as well as projects of the Ministry of Housing and the Housing Fund.


Mr. Mohamed Samir, Head of the Real Estate Finance Sector, spoke about the signing of these protocols within the framework of the marketing role of the real estate finance sector in attracting real estate developers to deal with their various projects, including residential, commercial, and administrative, and in support of activating and increasing the mortgage finance portfolio at the bank, where the programs of the Central Bank initiative and the Individuals Program were activated. The first real estate finance program compatible with the provisions of Islamic Sharia law will be launched in the banking market through the bank, which is the leasing program, to become the leading bank in working with Islamic mortgage products in Egypt.

 

Dr. Medhat Shalaby, Chairman of the Board of Directors of the Al-Safwa Urban Development Company (SUD), indicated that Al-Safwa Urban Development "SUD" is an Egyptian joint stock company, established in 1996, and it owns 25 diversified projects in the local market, ranging from residential, educational, medical and tourism, to become one of the leading entities in the field of development Real estate.

 

And that the company always adopts the strategic directions of the state in the field of urban development, starting with being the first to acquire a group of lands in the New Administrative Capital as a modern and smart capital, during the first offering in March 2017.

 

In addition to its adoption of the real estate export initiative put forward by the state to encourage the Egyptian community abroad and Arab and foreign investors to invest in real estate, so the company held the first introductory forum for the Administrative Capital in 2019 in the French capital Paris and the Austrian capital Vienna, which touched the enthusiasm of the Egyptian community abroad to own residential and commercial units in their motherland. Egypt Then the company opened its overseas branches in Europe, specifically in France, Austria and Italy.

 

When the Central Bank of Egypt launched the real estate financing initiative that aimed to facilitate the process of purchasing housing units and revive the real estate market, the company decided to be one of the first entities to join the initiative in cooperation with a bank with a long history such as Saib Bank.


Mohamed Shalaby, CEO and Managing Director of Al-Safwa Urban Development Company (SUD), explained that the number of units offered by the company through the initiative is 350 housing units, and their areas range from 60 to 150 square meters, and the price per square meter per units ranges from 11 to 13 thousand Egyptian pounds fully finished, with a value A total of half a billion Egyptian pounds, and according to the initiative, the payment systems provide installments for up to 20 years with advances starting from 20% of the total unit value at an 8% diminishing interest rate equivalent to 5% fixed interest.

 

As for the units' sites, they are concentrated in 3 projects of the company’s projects, the first project is High City in Obour City, which is distinguished by its unique location, as it is built on the top of a hill in Obour City in Ahmed Orabi Square in the Fifth District and has an area of ​​36 acres with a total of 60 residential buildings. By the initiative in the first phase of the project, which consists of 33 residential buildings, and SUD has already begun to deliver them to contracted clients with the beginning of 2021.


The second project is Sunset 3 in Ras El-Bar, which is a residential project located on Ras El-Bar and Damietta Road and faces the Nile River and consists of 134 residential buildings on an area of ​​35 acres with fully finished residential units starting from 60 square meters and also the company started the process of delivering customers at the beginning of the year 2021.

As for the third project, it is Sunset 2 in New Damietta, in the chalets area on the International Coastal Road, and it is a residential project consisting of 13 buildings for apartments and 11 separate villas on an area of ​​25 thousand square meters for residential units starting from 132 square meters, and we have delivered the project to contracted clients in the year 2019.

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