Mohamed El-Kahky, Managing Director of Tamweel, a company specializing in real estate finance, revealed the company’s plan to expand in the Egyptian market and diversify its financing portfolio over the next five years.

El-Kahky stated that the plan aims to spread the culture of real estate finance among all segments of society, especially low- and middle-income youth, by expanding the company’s branch network across various governorates and regions and diversifying its financing portfolio.

He pointed out that the company issued new financing worth EGP 543 million during 2019, resulting in a 62% growth in its financing portfolio balance, which reached EGP 1.088 billion compared to EGP 670 million in 2018.

He added, “Tamweel ranked first in real estate finance volume in the Egyptian market, capturing 21% of the total market financing. It is also the first real estate finance company to break the EGP 500 million barrier in a single year, while the total real estate finance market is estimated at about EGP 2.6 billion.”

El-Kahky continued, “Our plan over the next five years is for Tamweel to become the first and best choice for customers among companies and banks operating in the real estate finance market by offering a diverse and comprehensive range of financing products, selecting the best repayment systems, and providing quick responses while simplifying the documents and procedures required from clients.”

Regarding the plan to diversify its financing portfolio, El-Kahky explained that this will be achieved by entering various financing activities alongside expanding real estate finance operations in different regions and governorates, and promoting the culture of finance across all social groups to leverage Egypt’s vast real estate wealth.

The Managing Director noted that Egypt’s real estate finance market is witnessing growing demand and expansion due to rising housing prices, pushing clients to seek long-term financing options compatible with their income.

Commenting on the Central Bank of Egypt’s initiative for real estate finance targeting low-income groups, El-Kahky said it “achieved unprecedented success in revitalizing the real estate market in terms of sales activity and property ownership.” He emphasized the importance of expanding the Central Bank’s initiative to include middle-income groups and allowing real estate finance companies to participate during 2020. This expansion will enable these companies to introduce new financing segments and attract new clients from middle-income categories, leading to increased buying and selling activities in the market, especially for resale units that currently lack long-term repayment mechanisms.