Beltone leads the way in arranging Syndicated Factoring Facility worth EGP925 million for Redcon Properties

Fri. 24 May. 2024

Beltone Holding ("Beltone"), one of the fastest-growing financial institutions, announces that its wholly owned subsidiary, Beltone Leasing and Factoring, has signed the first syndicated factoring deal in Egypt worth EGP925 million for Redcon Properties.

The main aim of this agreement is to provide vital financial support to Redcon Properties, the real estate development arm of Redcon Group. Beltone Leasing and Factoring has joined forces with several leading factoring companies, contributing EGP512.5 million to the total deal, including Cairo Lease, Enmaa, Misr Finance, and AUR Leasing. Beltone Leasing and Factoring covered EGP412.5 million. Banque Misr acted as the escrow bank.

Tarek El Gamal, Chairman of Redcon Properties, commented: "In the context of the broader real estate sector, the signing of this joint factoring deal holds significant importance as it enables real estate developers to obtain the proper financing tools required to grow their development portfolio. It will enable us to accelerate the pace of construction of the Golden Gate project, a cornerstone commercial development in Egypt, especially in East Cairo. This strategic move underscores our commitment to employing diverse financial instruments for project financing, ensuring timely and successful project delivery".

Ahmed Abdallah, Vice Chairman of Redcon Properties, stated: "Signing the first joint factoring deal in Egypt represents a milestone in the real estate industry. It makes us the first real estate development company to use this non-banking financial tool to finance our projects, opening the door for its use by other companies in the future to contribute to the sustainable growth of the real estate sector. It underscores the confidence of the financial institutions participating in the transaction in our impeccable financial position, the quality of our projects, and the level of demand. I am grateful to the participating financial institutions for their cooperation in completing the transaction in such record period, hoping for further collaboration in implementing other financing deals in the future".

Ahmed Sherif, Managing Director and CEO of Cairo Leasing Company, pointed out that fruitful cooperation with financial leasing and factoring companies, especially those with financial solvency and appropriate technical capabilities, is the best way to finance various customer needs without negatively affecting the risks borne solely by the company and its financial solvency. He added, "We are working within the company to study the market in all its aspects, familiarizing ourselves with its financing requirements, estimating the size of expected growth and associated risks, and thus providing the necessary financing tools in accordance with the different needs of customers. This alliance also supports, in particular, the real estate development market and propels the growth of the Egyptian economy in general, which is one of the most important goals of the company due to its belief in sustainability and continuous development."

Tarek Fouad El Fayoumy, CEO and Managing Director of Enmaa, said: "We are thrilled to collaborate with Beltone Leasing and Factoring, joining the syndication for Redcon Properties, the real estate development arm of Redcon Group. This emphasizes our commitment to serving diverse sectors in the Egyptian market".

Ahmed Deif, Managing Director of Misr Finance, commented: "We are pleased to join this first syndicated factoring deal in Egypt to finance Redcon Properties. Together with our partners, we're committed to supporting business growth, and injecting liquidity into our clients.  We look forward to replicating such innovative deals with other clients".

Abdel Aziz El Sherbiny, Chairman of AUR Leasing and Factoring, confirmed that this syndication is one of the exceptional and innovative financing methods, which positions Non-Banking Financial Institutions as major supporters of the national economy.

Soha Soliman, Managing Director of AUR Leasing and Factoring, stated: "We are glad to be part of this transaction, which falls under the umbrella of finding unconventional solutions to support labor-intensive activities in light of the current economic conditions".

Amir Ghannam, CEO of Beltone Leasing and Factoring, commented: "The syndicated factoring agreement with Redcon Properties is a testament to our commitment to fostering financial growth and inclusivity. As the first factoring product of its kind in Egypt, this agreement sets a precedent for future developments. We are delighted to cooperate with all the syndicate companies who have joined the transaction and would like to thank them for the professionalism shown throughout the entire process. We look forward to increase our offerings and syndicating many deals this year to the factoring and leasing market, to enhance engagement with all companies operating in the field and support the market to diversify the portfolios and risks".


Eng. Tarek El-Gammal, Chairman of REDCON Properties, Elected to UNGC Board by Majority Vote for a Three-Year Term

Sat. 25 May. 2024

Pyramids Run

Fri. 26 Apr. 2024

REDCON Properties' Golden Gate Project Awarded Prestigious EDGE Certification for Sustainable and Environmental Practices

Fri. 24 May. 2024