Egypt's most affordable luxury project is an ideal investment destination, located just an hour's drive from Cairo
Cairo, Egypt - Amlak Finance and Real Estate Investment, a fully-owned subsidiary of Amlak Finance PJSC, the largest real estate financier in the Middle East, today opened the doors for the Egyptian media to tour its recently launched project, Aurora in Ein Sokhna, in the presence of Mr. Fathi El Sebai, Chairman of the Egyptian Arab Land Bank and Mr. Ahmed Haggag, CEO of Amlak Finance and Real Estate Investment.
The resort is one of the most affordable luxury projects in Ein Sokhna, which was developed by SABA, The Egyptian Gulf Company for Touristic Projects, a wholly owned subsidiary of the Egyptian Arab Land Bank, and located just 23 kilometres after Porto Sokhna. Aurora-Ein Sokhna will have 19 villas and 150 chalets of varying sizes and is centered around a 350-room hotel with an extensive 250 metres of beachfront accessibility.
"Amlak Finance is pleased to announce that it is the sole and exclusive sales, marketing and finance company for the Aurora project, one of the most scenic and affordable resorts in Ein Sokhna," said Ahmed Haggag, CEO, Amlak Finance and Real Estate Investment. "Customers can now own their dream luxury home starting as low as EGP 320,000. This project also offers a variety of housing styles to suit individual requirements. Moreover its proximity from Cairo makes Aurora an ideal investment destination coupled with up to 90 percent financing spread over 20 years."
Haggag added, "There has been a surge in recreational projects across Egypt and Ein Sokhna is one of the most sought-after destination in the country. Amlak Finance has ambitious plans for the market, which will encompass the introduction of new products and services as well as the customization of existing products to suit the local needs and requirements. Aurora offered us a unique blend of affordability, location and luxury, which are some of the reasons we decided to partner with SABA and the Egyptian Arab Land Bank in delivering this project."
As part of its strategic plans in Egypt and as a sign of reaffirming its commitment to the booming Egyptian real estate market, Amlak Finance increased its paid-up capital from EGP 50 million to EGP 125 million and signed up with several leading developers to emerge as one of the leading players in the Egyptian mortgage industry.
Spread over an area of 81,840 m2, Aurora-Ein Sokhna will be ready for delivery in the third quarter of 2010 and will encompass one of the most ideal leisure projects in Egypt. The project will feature numerous amenities such as four swimming pools, multi-cuisine restaurants, children play area, 350 room hotel and a 250 metres personal beachfront.
Amlak is committed to the development of the home finance industry in Egypt and in 2007 was the first company to offer Shariah compliant home financing in the country.
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About Amlak Finance and Real Estate Investment
Amlak Finance and Real Estate Investment was established in Egypt in 2007, as one of the key pillars of Amlak PJSC's regional expansion.
As the first company to provide Shariah compliant property finance products in Egypt, Amlak has developed several customized options to suit the needs and unique requirements of such a dynamic market. Amlak Finance and Real Estate Investment currently provides Shariah compliant purchase, construction and home improvement financing, with new products in the pipeline and many more services to come in the future.
Furthermore, the company was the first in Egypt to push the barriers of conventional mortgage finance by providing the highest available Finance To Value offering on all products (up to 90%), in addition to providing the current highest available finance amounts (EGP 5 million) and the maximum achievable tenor.
About Amlak Finance PJSC:
Established in 2000, Amlak Finance PJSC has transformed into a public entity in 2004 and is currently the largest real estate financier in the Middle East. Amlak Finance is the first specialised home finance provider in the UAE and continues to be a leader in the industry by retaining the biggest market share according to released financial reports in 2007. In addition, Amlak is considered the largest finance among the publicly traded companies in the UAE.
The primary activity of the company is offering medium to long-term financing solutions for residential and commercial properties in a number of emirates in the UAE. Whilst real estate finance remains Amlak's core business, the home finance provider is constantly developing innovative products to meet customers' demands and market conditions through offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers as well as offers complete solutions for major real estate developers.
For more information, please contact:
Renno Communications Group
Samer Renno
CEO/Managing Director
Tel: +97150 - 956 1516
Email: samer@rennoandassociates.com
© Press Release 2008
