Amlak Finance launches Aurora - Ein Sokhna

The resort is one of the most affordable luxury projects in Ein Sokhna, which was developed by SABA, The Egyptian Gulf Company for Touristic Projects, a wholly owned subsidiary of the Egyptian Arab Land Bank, and located just 23 kilometres after Porto Sokhna. Aurora-Ein Sokhna will have 19 villas and 150 chalets of varying sizes and is centered around a 350-room hotel with an extensive 250 metres of beachfront accessibility.

"Amlak Finance is pleased to announce that it is the sole and exclusive sales, marketing and finance company for the Aurora project, one of the most scenic and affordable resorts in Ein Sokhna,"

said Ahmed Haggag, CEO, Amlak Finance and Real Estate Investment.

"Customers can now own their dream luxury home starting as low as LE320,000. This project also offers a variety of housing styles to suit individual requirements. Moreover its proximity from Cairo makes Aurora an ideal investment destination coupled with up to 90% financing spread over 20 years," he added.

Haggag added, "There has been a surge in recreational projects across Egypt and Ein Sokhna is one of the most sought-after destination in the country. Amlak Finance has ambitious plans for the market, which will encompass the introduction of new products and services as well as the customization of existing products to suit the local needs and requirements. Aurora offered us a unique blend of affordability, location and luxury, which are some of the reasons we decided to partner with SABA and the Egyptian Arab Land Bank in delivering this project."

As part of its strategic plans in Egypt and as a sign of reaffirming its commitment to the booming Egyptian real estate market, Amlak Finance increased its paid-up capital from LE50m to LE125m and signed up with several leading developers to emerge as one of the leading players in the Egyptian mortgage industry.

Spread over an area of 81,840 m2, Aurora-Ein Sokhna will be ready for delivery in the third quarter of 2010 and will encompass one of the most ideal leisure projects in Egypt. The project will feature numerous amenities such as four swimming pools, multi-cuisine restaurants, children play area, 350 room hotel and a 250 metres personal beachfront.

Amlak is committed to the development of the home finance industry in Egypt and in 2007 was the first company to offer Shariah compliant home financing in the country.