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Sunday, 18 April 2021

Al Ahly takes lion’s share of Egypt’s mortgage finance market

Al Ahly Mortgage Finance accounted for 34.4% of the country’s mortgage finance market in January and February 2021, with EGP 229.8 mn of funding doled out during the first two months of the year, according to a Financial Regulatory Authority (FRA) report (pdf). Tamweel Group came in second place with a 15.1% market share and EGP 132.8 mn of funding, while Taamir Mortgage accounted for 12.1% of the market in 2M2021 with a funding portfolio of EGP 106.1 mn. Rounding out the top five: Amlak Finance (9.2%) and Contact (6.7%).

WHO’S IN THE MARKET FOR DEBT?

Banque Misr has granted Finlease a EGP 200 mn medium-term facility to help the leasing company finance its leases and expand its operations, Al Mal reports. The loan carries a tenor of 3-7 years.

A EUR 1.9 bn syndicated loan from a group of banks led by JPMorgan Chase to fund the National Authority for Tunnels’ projects earned approval from President Abdel Fattah El Sisi.

OTHER FINANCE NEWS- Mubasher Capital Holding for Financial Investments can now market and underwrite initial public offerings, under a new license granted by the Financial Regulatory Authority, local press reported. The company has been registered as a custodian in February.

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