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Monday, 14 June 2021

Juhayna’s former chairman sees detention extended + Contact Financial wants in on the central bank’s mortgage program

Juhayna’s ex-chairman’s detention extended: The State Security Criminal Court has ordered that Juhayna’s former Chairman Safwan Thabet’s detention be extended for another 45 days while authorities investigate his alleged ties to the Ikhwan, Al Masry Al Youm reports. Thabet was arrested and ordered detained in December, initially for 15 days, a period which has been repeatedly extended. His son and Juhayna CEO, Seif Thabet, was also arrested on similar allegations in February and remains in detention. Both deny being a part of the outlawed group.

Contact Financial wants in on the central bank’s mortgage program: Contact Financial Holding is in talks with the government to take part in the CBE’s subsidized mortgage program, which offers 30-year loans at a 3% interest rate, CEO Saeed Zaatar tells Hapi Journal. The new program was launched in March to give low- and middle-income earners access to EGP 100 bn-worth of cheap mortgages. Contact thinks it can lend EGP 1.1-1.4 bn through the program, and expects to receive the terms for the initiative this week, Zaatar said.

 

AMENDED ON 14 June 2021

We would like to clarify that Safwan Thabet is Juhayna’s former Chairman and not their current one as a previous version of this story may have implied.

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