Investment bank Beltone said that Hisham Talaat Mostafa Group Holding Company tops the list of companies that benefit most from the initiative of the government and the central bank, with a value of 50 billion pounds to finance middle-income housing units with interest of 10%, with installments of up to 20 years and an interest rate of 10%, because they have projects Really complete, but low occupancy.
Beltone, in a report to the bank’s research department, attributed the reason for his vision to the availability of real estate financing that would bridge the financing gap in the real estate market between those who purchased units in the residential real estate market, for example through real estate development companies on the scheme, for investment purposes but They have difficulty liquidating their investments and those who cannot purchase ready-to-deliver units, such as residential property buyers, therefore he believes that the growth of real estate financing will help revive the resale market, as it will create greater demand for the residential real estate market among developers.
In cooperation with the Central Bank of Egypt, the Egyptian government launched 3 initiatives to support the industrial sector and the housing sector and to promote investments.
Initiatives are as follows; the first initiative is to provide 100 billion pounds in financing at a 10% diminishing interest rate for large and medium-sized factories, with priority given to industries that the state hopes to exist to bridge the import gap. This initiative will be implemented by state-owned banks and joint banks with which the state has contributions. These banks will be compensated for the low interest rate for these loans by both the central bank and the Ministry of Finance.
Hisham Talaat Moustafa Holding Group achieved a net profit attributable to shareholders of 1.312 billion pounds in the first nine months of 2019, achieving a growth of 11% compared to a net profit of 1.187 billion pounds in the first nine months of 2018, and on a quarterly basis, the company recorded a net profit Complex return of its shareholders of 499.8 million pounds in the third quarter of 2019, an increase of 10% compared to 455.4 million pounds in the third quarter of 2018.