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Al Ahly Sabbour Developments considers EGP 450m in loans for 2024 – Chairman

Al Ahly Sabbour Developments considers EGP 450m in loans for 2024 – Chairman
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By: Abdullah Bedir

Cairo – Mubasher: Al Ahly Sabbour Developments seeks to secure loans totalling approximately EGP 450 million in 2024, said the company’s Chairman Ahmed Sabbour.

Speaking at a conference today, Sabbour disclosed that the company currently holds loan assets of around EGP 1.25 billion, earmarked for use within the ongoing year.

Sabbour revealed that the company’s portfolio spans 1,045 feddans, with plans to increase it to 2,000 feddan by year-end.

He also outlined the company's ambition to finalise contracting agreements worth EGP 6 billion in 2024, up from EGP 5 billion investments injected in the previous year.

The chairman also mentioned plans for two major projects with EGP 135 billion investments in eastern Cairo and the Ras El Hekma area.

Sabbour expected a rise in real estate prices in the near future, following the Central Bank’s (CBE) recent decision to raise interest rates by 6% and adjust the pound's exchange rate, which would impact the construction costs.

Regarding Ras El Hekma, Sabbour emphasised its potential as the future hub for tourism investment in Egypt. He highlighted a recent deal aimed at attracting about 8 million tourists, presenting a significant challenge for real estate developers in the upcoming period.

However, the top executive expressed concern about Egypt's limited real estate exports, currently standing at only about $600 million, a fraction of the global real estate export volume, stressing the need for substantial efforts to elevate real estate exports to around $5 billion.

Furthermore, Sabbour underscored the necessity for the Real Estate Developers Union to issue regulations governing developers' relationships with the state and customers to enhance transparency and stability in the Egyptian real estate market.