Vice Chairperson & Managing Director of the Housing & Development Bank (HDB), Hassan Ghanem, signed on Sunday a contract with Chairperson and Managing Director of Orascom Construction Company, Osama Beshay, to implement and establish the bank’s administrative building in The New Administrative Capital (NAC).

The cost of the building will be financed by the bank’s equity, which exceeds EGP 5bn, said Chairperson of the bank, Fathy Sebaey.

Sebaey expected that this new headquarter will have a positive impact on the bank’s activities, thus increasing its revenues and profits.

He explained that this headquarter will be equipped with the latest technology, and will include, in addition to the bank departments, an electronic archive centre for all bank documents.

Furthermore, Sebaey stressed that the NAC will be an important administrative and commercial centre, and its investment will have a great positive return.

Deputy Chairperson and Managing Director of the bank, Hassan Ghanem, said that the building will include branch of the bank alongside the administrations for the headquarters. He stresses that the bank is looking to be in the NAC- the epitome of urban development.

Ghanem pointed out the possibility of the HDB to provide real estate financing for customers wishing to move to the NAC, both inside and outside the initiative of the Central Bank of Egypt for mortgage finance.

The banks President’s Deputy for Engineering and Investment Affairs, Mohamed El-Alfy, said that the building is located in an area of 9,843 sqm, with a cost of EGP 636m. The building will be completed within 18 months.

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