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| Ayman Abdel Hamid |
Ayman Abdel Hamid, managing director of the Al Taamir Mortgage Finance - Al Oula company, in his interview with "Egy News ": Increasing the volume of real estate financing in Egypt at the time of crises
Al Oula targets one billion pounds in financing for customers during 2022
Abdel Hamid: We are studying the mechanisms of participation in the Central Bank for Real Estate Finance initiative at an interest rate of 3%
.. The company has bank approvals to provide credit facilities worth 3 billion pounds
Al Taamir Mortgage Finance - Al Oula company aims to increase the volume of its financing over the coming years, according to an expansion plan targeted by the company during the coming period, as the company aims to introduce new segments of customers to further expand financing operations during the coming period, including the above-average housing segment and the luxury housing segment.
Ayman Abdel Hamid, managing director of the Al Taamir Mortgage Finance - Al Oula
company, said that the real estate financing sector is witnessing an increase in the volume of funds in times of crises, as the volume of real estate financing increased despite the repercussions of the Corona virus over the past years, where real estate financing activity granted by companies operating in the market recorded a growth during the first 9 months of this year at a rate of 170.5%, compared to 2.04 billion pounds at the end of September 2020, and real estate financing contracts achieved growth during the same period by 71.3%, to record 4,658 contracts by the end of September 2021, compared to 2,719 contracts by the end of September 2020.
He added during his interveiw to the website "Egy News" that the company announces a plan soon for the digital transformation during the next year, as the company plans to launch an electronic application next year through which the customer will enter its data to determine the possibility of financing, and thus reach millions of customers throughout the Republic, pointing out that The value of investments dedicated to the digital transformation amounts to 1.5 million pounds.
Abdel Hamid pointed out that the company takes about 5 working days to examine the documents of the customer wishing to finance and issue the decision to grant grants, and the company is currently seeking to reduce this time to reach only 3 days. A new application that it will interpret at a cost of 1.5 million pounds.
He confirmed that the company aims to grant funding worth 1 billion pounds to customers over the next year, based on an expansion plan that the company is planning and is implementing in the current period. He explained that the company is studying the mechanisms for participation in the real estate financing initiative at a 3% interest, explaining that a plan has been drawn up based on participation in the real estate financing initiative at 3% interest, and expanding technology communication with customers in all areas of the Republic.
He revealed that the company received notification of the possibility of participating in the initiative of the Central Bank for Real Estate Finance at an interest rate of 3%, indicating that work was being done in the current period to develop participation mechanisms, which are expected to be announced before the end of this year.
He pointed out that the company granted funds to customers worth 990 million pounds from the beginning of the year until now, which is twice the target within the plan for the current year, explaining that 750 million of the total financing volume is in the form of a real estate portfolio that was purchased from one of the real estate development companies, and the rest are ordinary real estate funds, explaining that the default rate does not exceed 1%, where the default is calculated 90 days after the payment date.
Abdel Hamid explained that the company was targeting funding worth 400 million pounds in 2021 but was able to exceed those targets, which prompted it to reconsider plans for next year and plan to cross the barrier of one billion pounds next year, with a plan to increase it annually between 25 to 30% per year, so that it reaches more than 2 billion in 2025.
He explained that the volume of credit facilities available to the company amounts to 3 billion pounds, explaining that the company achieved profits of 40 million pounds at the end of last September, and the company aims to reach that value of 90 million pounds by the end of this year, and 60 million pounds next year.
He added that the total value of customers' indebtedness amounts to 2.6 billion pounds, and the company owns two floors in a building in the Smart Village, with a value of about 90 million pounds.
The company had a client base of 22,000, of whom 21,000 were middle - and low-income clients, and was planning to expand medium - and above-middle-income financing during the coming period.
He continued, the age group for financing self-employment ranges from 21 to 65 years old, and for employees between the age group 21 to 60 years, indicating that the company provided financing worth 880 million pounds within the Central Bank for Real Estate Finance initiative at an interest of 7 and 8%, of which 780 million pounds are for low-income people, And 100 million pounds for the middle income.
The company aims to grant financing worth one billion pounds to customers during the next year, depending on an expansion plan that the company has developed and is working to implement in the current period.
Ayman Abdel Hamid explained that the company aims to remain number one in the real estate finance market, by maintaining the achievements made by the company and working to provide the best services to meet the needs of customers and face competition in the market.
He pointed out that the company has a client base of 33,000 customers, with a total portfolio of 1.8 billion pounds, of which 800 million pounds are in financing granted by the company within the Central Bank initiative to support limited and middle-income housing. It also deals with the majority of real estate development companies operating in the market, as the company's market share is about 12%, and it is the largest company in the real estate finance market, which includes 13 companies.
The company had a client base of 22,000, of whom 21,000 were middle - and low-income clients, and was planning to expand medium - and above-middle-income financing during the coming period.
Abdul Hamid explained that the company was founded in its beginning to focus on social housing finance, but in the recent period it has started expanding the targeting of financing luxury and medium units.
Abdul Hamid explained that the company was founded in its beginning to focus on social housing finance, but in the recent period it has started expanding the targeting of financing luxury and medium units.
Abdel Hamid believes that the spread of real estate finance in Egypt needs the audio-visual media and social media to increase people's culture towards real estate finance.
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