Beta Egypt inks mortgage financing protocol with QNB Alahli

In pursuance of its strategy to achieve excellence in the real estate industry and cope with the State's sector-related plans, Beta Egypt for Urban Development (Beta Egypt) has entered into a cooperation protocol with the Qatari National Bank (QNB Alahli) to offer long-term mortgages for the company's units in New Cairo's Mostakbal City and October Gardens City.

The deal allows Beta Egypt customers to purchase luxury units making use of the long-term mortgages the bank will offer at an interest rate of 8.3 per cent, as part of the Central Bank of Egypt's (CBE) initiatives, along with a variety of QNB mortgage programs.

It falls within the framework of the company's commitment to fulfilling customer needs and serving the State's goals, said Beta Egypt's CEO and Board Chairman Alaa Fekry who signed the protocol with CEO of QNB Alahli Mohamed Mahmoud Ali Bedeir.

Fekry commended the State's efforts to boost mortgage lending sector through the central bank's initiatives, voicing pleasure at the company's cooperation with QNB as a distinguished financial institution that has always been keen on contributing to this sector for national economic development.

The protocol allows customers to buy housing units with up to 30-year mortgages, Fekry said, adding that the deal covers all purchased and non-purchased units in Beta Greens New Cairo project, Mostakbal City, as well as the units in the company's other projects October Gardens City.

Meanwhile, Bedeir welcomed the deal signed with Beta Egypt, a heavy-weight real estate developer that has managed to bring about a genuine urban development thanks to its outstanding value-added real estate products.

Bedeir also reaffirmed the bank's commitment to stimulating the mortgage lending sector to promote Egypt's national economy, playing a role in implementing the State's sustainable development plans, and meeting customer needs.

He also applauded the State's efforts in support of the mortgage industry through CBE initiatives, which played a positive role in improving and promoting this vital sector.

A host of senior officials from Beta Egypt and QNB Alahli attended the inking ceremony.

Extending over 25 feddans, Beta Greens New Cairo project provides 730 housing units, including apartments and Family villas of the stand-alone, twin house, and townhouse types. The 1 billion-Egyptian pound investment offers apartments ranging from 90 to 250 square meters. Beta Egypt is expected to hand over the first two phases in six months.