Kareem El-Battouti: Tamweel Mortgage Finance Issued EGP 1.6 Billion in Securitization Bonds by End of September
Kareem El-Battouti, Executive Director of Tamweel Mortgage Finance, revealed that the company issued securitization bonds worth EGP 1.6 billion by the end of September.
In an exclusive statement to Amwal Al Ghad, El-Battouti stated that the company aims to issue an additional EGP 2 billion in securitization bonds during 2023, in cooperation with Tamweel Securitization Company.
As part of its digital transformation strategy, the company launched its mobile application in January. The app enables clients to track procedures, access required documents, and monitor their accounts and balances.
On the green finance front, El-Battouti noted that the company is targeting environmentally friendly projects, and is currently in negotiations to finance two projects located in New Cairo and Sheikh Zayed with preferential interest rates.
Tamweel Mortgage Finance is also partnering with major real estate developers to provide finishing loans, allowing clients to receive fully completed units.
By the end of 2022, the company had disbursed a total of EGP 3.75 billion in financing, with an active portfolio valued at EGP 3.2 billion. The company’s cumulative portfolio reached around EGP 7 billion.
In terms of portfolio expansion, El-Battouti highlighted that the company achieved over EGP 2.5 billion in new real estate portfolios during the past year.
Regarding geographic expansion, he mentioned that the company’s headquarters is located in Garden City, and it opened its first branch in Sheikh Zayed in January 2023.
A new branch in New Cairo’s Fifth Settlement is expected to open by the end of 2023.
El-Battouti reported that Tamweel now serves approximately 3,700 clients since launching operations through the end of 2022, and aims to attract new customer segments in 2023.
He also noted that the company achieved net profits exceeding EGP 100 million in 2022 and plans to increase net profit in 2023.
According to the Financial Regulatory Authority (FRA), Tamweel held the largest share of mortgage financing in the first eight months of 2022, with a market share of 22.93%.
El-Battouti confirmed that the company plans to continue expanding its operations in 2023 by increasing loan volumes and opening new branches across Cairo. It also aims to strengthen partnerships with real estate developers and expand real estate portfolios, aligning with the state’s strategy for promoting digital transformation and green finance.
