El-Batal Group, QNB Sign Mortgage Finance Protocol for 6TH of October, 5th Settlement Units

Doss: Mortgage finance initiatives expansion contribute in implementing the state’s sustainable development strategy

El-Batal Group is offering mortgage financing to 600 units in “Rock Eden” and “Rock Vera”

QNB Alahli CEO: Cooperation with El-Batal Group is in continuity of the bank’s contribution in improving the real estate sector

El-Batal Group for Housing and Development signed a Cooperation Protocol with the Qatari National Bank (QNB Alahli) to offer mortgage finance to 600 units in the company’s compounds “Rock Eden” in the 6th of October and “Rock Vera” in 5th Settlement District.

All the units are fully finished according to conditions of mortgage finance in Egypt.

The cooperation came as a part of the vital role played by El Batal Group in facilitating and offering high-quality service to its clients according to the directives of the state and the Central Bank of Egypt (CBE) initiatives and complying with the country’s strategy in supporting mortgage initiative with low interest in order to provide residential units to all income levels.

The Cooperation Protocol stated interests of 3% and 8% in case of applying for the mortgage finance initiative.

El-Batal Group CEO Eng. Emad Doss, QNB Alahli CEO Mohamed Bedier, and associated teams from both sides attended the contract signing.

Doss stressed on the importance of mortgage finance initiatives in supporting the national economy generally, and the real estate sector specifically; as one of the vital sectors in the Egyptian economy and its improvement affecting other economic sectors, therefore, complying with the implementation of the country’s sustainable development strategy through constructing new urban communities.

He asserted that it is necessary to intensify efforts to support Egypt’s sustainable development strategy, saying “We are very keen on supporting all the initiatives that could create a better life for the Egyptian citizen, especially when it comes to providing a suitable home and easing the process of owning it”.

He added that the client will pay a deposit of 20% of the total amount of the residential unit and gain a mortgage finance period up to 30 years.

For his part, QNB Alahli CEO Mohamed Bedier said that offering mortgage finance on a long period and subsidized percentage of interest is considered as a gain to mortgage finance market as it is one of the most important mechanisms to revive the economic market in Egypt.

He added “The signed protocol with one of the leading companies in the real estate market is complying with the bank’s strategy that aims to support the real estate market specifically, and implementing the directives of the Central Bank of Egypt (CBE) in general.”

He noted “This comes in addition to reviving and increasing the mortgage finance section in the bank and meeting the needs of clients from both sides. We have designed the best funding offers for this cause.

“El-Batal Group” is one of the leading real estate companies with experience of more than 40 years, and a proven track record in Egypt and Canada since 1978. It focuses on providing the real estate market with distinctive residential, commercial, and administrative projects in the most vital and investment attractive locations in Egypt, like the New Administrative Capital, 5th Settlement District, 6th of October and Obour Cities, along with the biggest market share in Sheraton District.

The company is also paying close attention to Corporate Social Responsibility, as it is keen on supporting patients with special needs and children at “Abu El Reesh” Children Hospital and The Children’s Cancer Hospital Egypt 57357 (CCHE). It also collaborated with Helm Foundation and Rotary Club to provide self-awareness activities and promote children’s educational and physical skills. The number of the beneficiaries reached today to more than 800 children.

QNB Alahli is the second largest private bank in Egypt. It was established in 1978 under the name of NSGB, until 95% of its share was possessed by QNB group in 2013 in one of the biggest deals in the banking sector in the Middle East, to have its name changed to QNB Alahli.

The bank is offering a wide range of services that meet the financial needs of small and middle sized companies as well as individuals. It had succeeded in preserving its place in the Egyptian market, the thing which appeared in improving its growth rates in loans and deposits, growth in share market and revenues.

QNB Alahli is currently having over 231 branches in all Egypt’s governorates, alongside with over 870 ATM machines and customer service center working around the clock to answer more than 1,307,215 customers.