A consortium led by Taameer Financial Leasing, an affiliate of Taameer Real Estate Investment, signed a contract today for financial leasing worth EGP 237m in favour of Maadi Development and Construction, a company affiliated with the Holding Company for Construction and Development.
The consortium includes BM Financial Leasing (BM Lease), an affiliate of Banque Misr, and Global Financial Leasing (Global Lease).
Hassan Hussein, Taameer chairperson, said that the company is playing the role of an assistant managing director in the contract, which has a term of five years.
Hisham Serag, assistant managing director of Taameer Financial Leasing, said that his company won a tender launched by Maadi Development and Construction Company. Taameer was decided to be provided with the required financial leasing amount through the alliance with Global Lease and BM Lease, in order to inject EGP 237m, equally distributed among the three companies in the new project established by Maadi Development and Construction Company in Shorouk city, along several phases.
Hatim Samir, managing director of Global Lease, an affiliate of Wadi Degla and one of the funds under German Development Bank, said that his company’s participation in the consortium is considered the first in the field. He expected this trend to increase over the upcoming period with the great financial needs of the Egyptian private sector.
Hisham Sheta, managing director of BM Lease, said that the company has taken part in the alliance despite being a new practice in the market as it seeks to contribute to enabling Maadi Development and Construction to increase the volume of its investments.
Mohamed Raafat, managing director of Maadi Development and Construction, said that companies have resorted to financial leasing mechanism to push the work in the View Maadi project in Shorouk city. The construction of this project will begin next year, and the project will eventually help the company implement its investment plan worth EGP 800m in 2018.
The capital of the three financial leasing companies is estimated to be EGP 100m for Global Lease and BM Lease, and EGP 170m for Taameer.