MG Developments, Abu Dhabi Bank Sign Cooperation Protocol for Mortgage

MG Developments, Abu Dhabi Bank Sign Cooperation Protocol for Mortgage

MG Developments announces the signing of a joint venture with the First Abu Dhabi Bank to finance clients for the Lavida project with the longest repayment period of 15 years, Invest-Gate reports.

The step falls in line with the company’s framework to support its clients to purchase the units. The deal was signed after a study conducted by the bank for the company’s projects, which indicated the company’s financial stability that allows its projects to be self-financed, as well as the speed of implementation and the delivery to clients before the pre-set dates.

Aya Al-Shenawy, head of the commercial sector at MG Developments for investment, tourism and real estate development, expresses her gratitude for concluding a cooperation protocol between the company and the First Abu Dhabi Bank to finance those wishing to establish new units in Lavida.

MG Developments Chairman Mohamed Motawee expresses that signing the deal reflects the long-term strategic relationship with the bank over the coming period. He also praised the real estate mortgage initiatives launched by the Egyptian government during the last few months and their positive impact on the market and the Egyptian economy.

Lavida is located in New Heliopolis and spans over an area of 26,000 sqm near Cairo International Airport. With a cost of EGP 400 million, Lavida is an integrated residential project that is divided into three neighborhoods are Venice, Naples, and Milan.








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