09-01-2024
ADIFinance takes part in Egypt’s largest leasing financing for El Hazek Group worth EGP 1.3 bln
ADIFinance CEO: The alliance underscores the importance of cooperation in the financial leasing sector, reflecting mutual trust between participating companies and beneficiaries
Cairo, January 9, 2024 - Abu Dhabi Islamic Finance (ADIFinance), the leasing financing arm of Abu Dhabi Islamic Bank-Egypt (ADIB-Egypt), has announced its participation in a consortium of leading financial leasing companies in Egypt. The consortium aims to finance a leasing contract worth EGP 1.3 billion for Lake View Urban Development Company and El Hazek Construction, a subsidiary of the El Hazek Group. The financing is intended to support the company’s capital expansion and meet its financial requirements through non-banking financial products.
The consortium is led by UE Finance, a subsidiary of Arabia Investments Holding Group, and joined by ADIFinance, AUR Leasing, Al Tawfeek for Financial Lease, and Cairo Leasing Corporation.
Mohamed Amiri, ADIFinance CEO and Managing Director, emphasized that ADIFinance's past successes in syndicated financial consortia have bolstered its confidence to forge new partnerships. He highlighted that this latest alliance is considered the largest and most robust consortium in today’s financial leasing sector. Amiri underscored that through this alliance, El Hazek Group, a prominent player in real estate, will be empowered to broaden its real estate development endeavors in the coming period, upholding the highest standards in project delivery, catering to customer demands, and providing top-tier products and services adhering to Islamic Sharia principles.
Amiri clarified that this five-party alliance underscores the importance of cooperation among major companies in the financial leasing sector to provide financial solutions amid current economic conditions. Ultimately, this positively reflects on the growth of the Egyptian economy and reflects a high level of mutual trust between participating companies and beneficiary companies alike.
Khaled Samy, Head of the Business Development Sector at ADIFinance, said that currently, this alliance among major financial leasing companies is the strongest coalition in the Egyptian financial leasing market. It brings together robust expertise and capabilities with an innovative approach to meeting their customer needs through non-traditional solutions. Samy highlighted that the anticipated results from this alliance aim to bolster the role and contributions of El Hazek Group in achieving unprecedented growth in the Egyptian real estate sector.
