Beltone Financial Holding has announced that its wholly owned subsidiary, Beltone Leasing & Factoring, has entered into a sale and leaseback agreement with Al Ahly Sabbour for Real Estate Developments, Invest-Gate reports.

Under this agreement, real estate assets will be sold and leased back, with a total value of EGP 1.2 bn. The disbursement of funds will be divided into two tranches, with the first tranche amounting to EGP 600 mn. The second tranche will be syndicated through the Company, along with other financial institutions.

Ahmed Sabbour, Chairman of Al Ahly Sabbour for Real Estate Developments, expressed his satisfaction with the collaboration, stating, “We are pleased to partner with Beltone Leasing & Factoring, one of the prominent companies in the field. This agreement is a significant achievement for our group and will greatly contribute to meeting our financing requirements and accelerating the construction progress in our projects. It reinforces our position as a leading real estate developer in Egypt and soon in Saudi Arabia.”

Amir Ghannam, CEO of Beltone Leasing & Factoring, also commented on the collaboration, saying, “We are thrilled about our collaboration with Al Ahly Sabbour. Beltone Leasing & Factoring is dedicated to supporting business growth in Egypt and the region. This agreement showcases our commitment to providing innovative financing solutions that cater to the evolving needs of our clients. Our aim is to contribute to the growth and long-term prosperity of the real estate development industry.”