Heliopolis Company for Housing and Development (HHD) signed a finance lease on Thursday worth EGP 500m with Taamir Mortgage Company (Al Oula) to finance the work on utilities in the New Heliopolis City project. During the signing ceremony on Thursday, Hassan Hussein, the chairperson of Al Oula, said that the financing will be made available under the finance leasing system in coordination with Banque Misr. Hussein added that Banque Misr would save about 90% of the financing, while Al Oula would provide its remaining share. In early May, the HHD leased a plot of land to Al Oula so that the former would establish a sports club worth EGP 500m. The HHD clarified that it has selected Al Oula out of three offers by companies that specialise in leasing, because Al Oula has the lowest cost in terms of administrative benefits and expenses.

Source: Daily News Egypt May 29, 2017 09:11 UTC