QNB, the largest financial institution in the Middle East and Africa, has signed a cooperation protocol with Al Hijaz Gardens Real Estate Investment Company to facilitate the access to real estate units with exclusive benefits and facilities for the bank’s customers, as part of its efforts to provide the best banking experience and to support the real estate sector in Egypt.
The protocol was signed by Mr. Mohammed Bedeir, CEO of QNB Egypt, and Dr. Tarek Hegazy, Chairman of the Board of Directors of Al Hijaz Gardens Real Estate Investment Company, in the presence of a group of leaders from both sides.
This cooperation comes within the framework of the bank's keenness to provide financial services designed to fulfill the customer needs; including real estate financing products with a repayment period of up to 30 years for fully finished and ready-to-move units for the middle-income customers included in the Central Bank of Egypt initiative.
Also provides up to 15 years repayment period for other properties that are not included in this initiative and subject to the Real Estate Finance Law.
On this occasion, Mr. Mohamed Bedeir, CEO of QNB Egypt, has expressed his appreciation for this cooperation with Al Hijaz Gardens Real Estate Investment Company, which will contribute to meeting the bank's customer needs for suitable real estate units, while enhancing its efforts in developing the real estate sector, consequently providing thousands of job opportunities, and supporting the comprehensive urban renaissance and sustainable development.
Mr. Mohamed Bedeir explained that QNB Egypt is one of the largest banks in Egypt that attaches great importance to supporting real estate financing, with a total portfolio of EGP 7 billion in real estate financing benefiting more than 31,000 customers.
For his part, Dr. Tarek Hegazy, Chairman of the Board of Directors of Al Hijaz Gardens Real Estate Investment Company, stressed that our partnership with the bank stems from our conviction as a leading private sector company in the field of real estate investment in the role of the private sector development and that this partnership and other initiatives are in line with the state urban development plan, meeting the Egyptian citizens’ needs for obtaining suitable housing in an easy manner, which is what the Central Bank of Egypt initiative aims for.
He also added that this protocol will meet all customers’ requirements, including the Central Bank of Egypt's initiative for middle-income people with 3% and 8% interest rates, also includes financing other units not included in the real estate financing initiatives, in addition to various financing plans that matches the requirements of customers from different segments.