Egypt: ADIFinance joins alliance to offer financing of $42mln to El Hazek Construction

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Abu Dhabi Islamic Finance (ADIFinance), the leasing arm of Abu Dhabi Islamic Bank – Egypt, has announced that it is joining an alliance that consists of major financial leasing companies in Egypt. The alliance aims to finance a financial leasing contract of EGP 1.3bn for Lake View Urban Development company and El Hazek Construction, affiliated to El Hazek Group. The amount is expected to finance their capital expansions and meet their financing needs, through non-banking financing products.

The alliance is led by UE Finance. Besides ADIFinance, the alliance includes AUR Leasing, Al Tawfeek for Financial Lease, and Cairo Leasing Corporation.

Mohamed Amiri, CEO and Managing Director of ADIFinance, said that the successes achieved by ADFI in joint financing alliances motivated it to enter into new alliances, especially since the new alliance is the largest and strongest in the financial leasing market.

He explained that through this alliance, El Hazek Construction, one of the largest real estate companies, will have the opportunity to launch and expand in the field of real estate development in the coming period. He said that the group will ensure the highest standards in its projects, and strive to meet customer needs while providing high-quality products and services compatible with Islamic Sharia.

He explained that this five-party alliance confirms the importance of cooperation between major companies in the field of financial leasing to provide financial solutions.

Khaled Sami, Head of the Business Development Sector at ADIFinance, said that this alliance is the strongest in the Egyptian financial leasing market at present. He said that it comprises great expertise and competencies, with an innovative vision to implement the requirements of its customers with unconventional solutions. He also pointed out that the expected results from this alliance aim to enhance the role and contributions of El Hazek Construction in achieving an unprecedented renaissance in the Egyptian real estate market.