Amlak Finance and Real Estate Investment gains significant market share in Egypt

Similarly, Amlak launched a country-wide campaign to highlight the unique values and benefits of Home Purchase, its home financing solution, which was customized to address the needs of its rapidly growing customers in the Egyptian market.

At a media roundtable organized in Cairo, Mr. Ahmed Haggag, Chief Executive Officer of Amlak Finance and Real Estate Investment, said: "The Egyptian real estate market is witnessing a boom, as a growing number of local and Arab developers are working on major projects in order to address the shortages in housing units which have resulted from the remarkable growth in the Egyptian population, topped by the great demand generated by customers."

He added, "We are delighted to announce today that Amlak Egypt has gained significant market share and continues to fortify its position in the local market. We contribute this feat to the major results in the first quarter of 2008 that showed disbursements exceeding EGP130m, in addition to the success of our home financing solution - Home Purchase."

Egypt's real estate sector is estimated to grow by 15% annually, while the market witnesses a shortfall of around 450,000 units per year, as well as the availability of more than one million apartments that are uninhabited due in part to the lack of financing opportunities.

"In light of this great demand for housing by a major part of the population, especially among the young and small to medium size families, Amlak's commitment for financial services made easy continues to be the focus of our operations," said Mr. Haggag. "Home Purchase is the ideal solution for the discerning customer who requires a fast and easy financing process."

Home Purchase offers customers in Egypt a multitude of favorable solutions, including up to 90% financing over 20 years period; financing of a maximum of EGP5m; minimal documentation and easy processing of applications; competitive financing rates; as well as the expertise of the region's leading real estate financier.

The announcement of Home Purchase today coincides with Amlak's sponsorship of Egypt's Next Move as the exhibition's 'Official Financier'. The real estate exhibition, held in Cairo from 16-19 April, will once again highlight Amlak's leadership in the growing Egyptian real estate market.