Worth 500 million pounds
The United Bank signs a cooperation protocol with City Edge Real Estate Development Company.
Ashraf El Kady - President of The United Bank
• The United Bank is strongly setting off in 2021 to support the state's comprehensive development goals.
• The Central Bank of Egypt initiatives have contributed economically and socially in revitalizing the real estate market and providing housing for all citizens.
• The Egyptian citizen's right to adequate housing is one of The United Bank's priorities.
• The United Bank is ranked the eighth among the banks that offer low-income real estate financing programs.
• The United Bank’s real estate financing programs are distinct and suit all needs.
• Increasing the demand for real estate investment with its various classifications, from residential, administrative and industrial.
Cairo: January 19th, 2021
The United Bank signed a cooperation protocol with City Edge Real Estate Development Company worth 500 million pounds, aiming to expand real estate financing services and programs for the benefit of the Egyptian citizen, improve his life, and achieve the comprehensive and sustainable development according to the vision of the Egyptian state 2030.
The protocol was signed by Ashraf El Kady - Chairman of The United Bank and Dr. Mohamed El Mekawi - CEO of City Edge, in the presence of Mr. Farag Abd El Hamid - Vice President of The United Bank, Mrs. Rehab Azmy - Head of Retail and Branches and Mr. Ayman Mohamed - Head of the Real Estate Finance Sector. The signing ceremony was witnessed by Dr. Ashraf Saleman - Chairman of the Board of Directors of City Edge.
At the end of the protocol signing ceremony, Ashraf El Kady - Chairman of The United Bank stated that this protocol is a strong addition to the real estate investment market in Egypt with the beginning of 2021. City Edge Company is one of the leading companies in the field of real estate investment.
El Kady added that the field of real estate investment is one of the safe investment fields widely accepted by Egyptians. The future of real estate investment is going through a period of great growth and prosperity at the level of construction, sale and purchase due to the state’s plans to support the limited and middle-income citizens, as well as the urban expansion and the development of new areas such as: the administrative capital in addition to 12 new cities all over the country such as New Alexandria - New Assyout - New Suez, as well as touristic villages on the northern coast.
Ashraf El Kady indicated that The United Bank is characterized by unique programs for all groups of people and a large and varied real estate financing portfolio. Also, it is ranked the eighth among the banks offering real estate financing programs in cooperation with the Social Housing Fund and real estate financing support.
El Kady added that the initiative of The Central Bank of Egypt for low- and middle-income groups was one of the most important procedures for moving and reviving the Egyptian market economically. It provided long-term financing for maximum of 20 years and reduced interest rates of 8%, contributed to support the middle class. On the social level, support the Egyptian citizen and his right to adequate housing through a distinguished set of real estate financing programs that suit all needs.
From his part, Farag Abd El Hamid - Vice President of The United Bank - indicated that real estate investment is one of the pillars of the comprehensive development. The Egyptian state has put the development of the Egyptian citizen and the improvement of his life style as one of its most important goals.
Abd El Hamid expressed that the urban expansion and the establishment of new urban communities with different classifications, whether touristic, residential, industrial or agricultural will reflect the axes of the comprehensive and the sustainable development.
Ayman Mohamed - Head of Real Estate Finance at The United Bank - added that the first result of the cooperation between The United Bank and City Edge Company will be residential units in the new administrative capital, which is the dream of housing for a large number of Egyptians with a real estate financing system according to the initiative of The Central Bank of Egypt in installments for up to 20 years.