Abu Dhabi Islamic Finance Company (ADI Finance), affiliated to Abu Dhabi Islamic Bank – Egypt, has led an alliance to finance ARCO Developments with EGP 720m. The alliance includes UE Finance, affiliated to Arabia Investments Holding, and Cairo Leasing Corporation, affiliated to Banque du Caire.
Mohammed Amiri, CEO & Managing Director of ADI Finance, said that the fruitful cooperation with financial leasing companies, especially those with solvency and appropriate technical capabilities, is the ideal form for financing the various needs of customers, without negatively affecting the risks borne by the company alone.
“We are working in the company to study the market in all its aspects to understand its financing requirements and estimate the size of the expected growth and the associated risks, and thus provide the necessary financing tools according to the different needs of customers,” he added.
For his part, Sheikh Fahd Shobokshi, Chairperson of ARCO, said that the expansion of the company – whether in Cairo or the North Coast – and in light of the company’s strong financial solvency – requires concerted efforts of various financial institutions to meet the financing needs of the company, which is What the company touched from the alliance, which was carried out with great professionalism, stressing that providing the necessary financing with easy procedures contributes significantly to reviving the real estate market.
Ahmed Sharawy, Vice Chairperson and Managing Director of UE Finance, stated that alliances between financial leasing companies would enrich business sectors and provide the market with various financial tools, whether in the areas of financial leasing or factoring. This alliance is a reflection of a common vision between the three companies towards the boom in the real estate development market and the recent boom in investments.
Ahmed Sherif, Managing Director and CEO of Cairo Leasing, said that the exchange of experiences between financial leasing companies to determine the capabilities of clients and their financial positions is the most important outcome of the financing method through the formation of financial alliances, stressing that this alliance supports the real estate development market in particular and drives the growth of the Egyptian economy in general.