Mohamed El-Kahky, Managing Director of Tamweel Holding for Investment, revealed that the company plans to issue securitization bonds backed by its mortgage finance portfolio, valued at EGP 1.3 billion, during the third quarter of this year.

In an interview with Al Mal, El-Kahky said the company initially intended to execute the issuance in 2021 but chose instead to expand and enhance the financing portfolio to reach EGP 1.3 billion instead of the originally planned EGP 500 million.

He explained that Misr Capital and CIB are acting as financial advisors and offering coordinators, while Al-Derini & Co. is handling the legal advisory role.

El-Kahky added that the advisors are currently conducting due diligence and assessing the creditworthiness of the portfolio, with credit ratings being provided by MERIS. He expects strong interest and positive reception, given the portfolio’s diversification across a wide client base and solid real estate guarantees.

He also revealed that Tamweel Mortgage Finance plans to acquire portfolios from real estate developers worth up to EGP 600 million, noting that the financing structure will allocate about 66% to portfolios and 33% to individual financing.

El-Kahky noted that the group aims to fully activate its non-banking financial services ecosystem in the future, targeting all subsidiary activities beyond just mortgage finance, while also attracting top talent across all divisions.

It’s worth mentioning that in 2019, a consortium of companies—Innovate for Finance, TCV for Private Equity, and Acquire Investments—acquired Orascom Development Egypt’s 87% stake in Tamweel Group for EGP 360 million. The group includes four companies operating in mortgage finance, factoring, leasing, collections, and insurance brokerage: Tamweel Mortgage Finance, Tamweel Leasing, Tahseel for Collection Services and Communications, and Oversees Insurance Brokerage.