City Edge Developments signs cooperation protocol with Al Oula
City Edge Developments signed a cooperation protocol with Tameer Mortgage Company ( Al Oula) with signing ceremony attended by top officials of the two companies. Chairman and executive Ashraf Salman and Mohmed El-Makawy came from CED and chairman and financial officer Hasan Hussein and Hasan Nasr from Al Oula.
Al Oula is bound by this protocol to provide mortgage services with 20-year payment schemes which are designed to fit all clients of CED projects including beneficiaries of the Central Bank of Egypt’s initiative publicized late 2019.
CED’s chairman Ashraf Salman lauded efforts exerted by the Egyptian government in bolstering the real estate sector, one of Egypt’s outstanding pillars.
“ We, in City Edge Developments, place clients on top of our priorities, and strive to join the Central Bank of Egypt’s initiative hand in hand with Al-Oula with the aim of boosting the real estate market amid current circumstances,” said Ashraf Salman.
On the other hand, Al-Oula’s executive Dr. Mohmed Mekawy said the company is pleased to sign this protocol, adding “ We are confident that this cooperation will yield remarkable benefits for our clients whom we seek to provide the best real estate services and the simplest payment schemes and mortgage financing.”
This protocol helps Al-Oula provide three payment schemes to clients of City Edge Developments with financing not exceeding 80% of the housing unit value. The first scheme provides beneficiaries of CBE’s initiative with a maximum of 20-year payment terms for the fully-finished housing units.
A second payment scheme with ten-year payment terms applies to housing units falling outside CBE’s initiative.
A third payment scheme is made to serve the financing needs of those who want to sell housing units to others.
