Tatweer Misr inks deal with First Abu Dhabi Bank, delivers 1200 units

In conjunction with the Egyptian state and the Central Bank of Egypt’s efforts exerted to spurmore citizens on to seek mortgages, Tatweer Misr inked a deal with First Abu Dhabi Bank- Egypt to provide mortgages to the developer’s clients at competitive prices and pursuant to payment schemes of up to 15 years for new or existing customers.

The initiatives launched by CBE reflectingits keenness to take measures necessary for curtailing hurdles facing mortgage providers helpenergizethis agreement, according to Chief Executive of Tatweer Misr Dr. Ahmed Shalabi. “ Tatweer Misr went ahead withsigning thismortgage agreement with First Abu Dhabi Bank because it wants tomaterializeits perennial pursuit ofadding value to its clients through outstanding products and services it can provide.”

Since it came into existence about seven years ago, Tatweer Misr kept payingspecial attention to its own clients and placingthem on top of its list of priorities, he asserted.

In statements delivered exclusively to Osoul Misr, Dr. Ahmed Shalaby said that plenty of housing units have been made available by Tatweer Misr for mortgagesin the wake ofthe completion of these units’construction and finishing works.

“Therefore, First Abu Dhabi Bank has been tapped by Tatweer Misr for the provision of mortgage services with the aim ofgeneratingthe highest returns on investment.”

Under this agreement, Tatweer Misr customers will be eligibleto make use ofseveral mortgage solutions at competitive prices, be they involving the purchase ofreal estate units or financing finishing works.

First Abu Dhabi Bank-Egypt will provide mortgages constituting up to 85% of the value of fully-finished units in Tatweer Misr’s First Residence project.

The new financing solutions worthy of EGP15mln will be given at competitive prices and repaid over 15 years.

Tatweer Misr aims to hand 1200 units over this year, as these units are in compliancewith mortgage requirements, he explained.

The agreement will enable Tatweer Misr clients to get loans estimated at 40% of the unit value to finance the finishing of residential units which are handed over. The agreement also permits the renewal of borrowing terms for existing owners.

Dr. Ahmed Shalaby noted that re-selling is the operation that willreap the biggest gains out of any booming mortgage operations, adding a positive twist to the entire real estate sector, as slowing down of re-selling over the past two years had squeezed investments injected into the real estate sector and sales of companies.

Tatweer Misr owns four major projects including coastal ones ( Il Monte Galala in Ain Sokhna spanning an area of 525 acres and Fouka Bay at Ras El Hikma spreading over an area of 220 acre and D-Bay at El Dabaa city over an area totaling 200 acres). The developer also owns Bloomfield at Mostaqbal City in New Cairo spanning an area of 415 acres with an area of 90 acres allocated to serve educational purposes.