Cairo – Mubasher: Beltone Leasing, a wholly owned subsidiary of Beltone Financial Holding, signed a sale and lease back agreement with Pickalbatros Hotels and Resorts Group at a value of  EGP 750 million.

The transaction covers the Laguna Vista Beach Resort in Sharm El Sheikh, according to a press release.

This strategic collaboration will boost the hospitality sector in Egypt. It also aims to provide working capital financing for Pickalbatros, which holds a 30-year journey and portfolio of 25 hotel properties across the Arab Republic.

Amir Ghannam, CEO of Beltone Leasing, commented: "Beltone Leasing is committed to supporting the growth and development of businesses in Egypt and the region.”

Kamel Abou Ali, Chairman of Pickalbatros, noted: “The financing provided will enable us to enhance our working capital and further expand our hotel portfolio, strengthening our position as a leading hospitality brand in Egypt and the MENA region. "

Last month, Beltone concluded the largest capital raise in the history of the Egyptian Stock Exchange (EGX) through two subscription rounds at nearly EGP 10 billion.