Maryam Abdel Ghani

The Egyptian Beltone Financial Holding Company said on Sunday that its wholly owned subsidiary, Beltone Real Estate Finance, has obtained a license to practice real estate financing activity, according to a disclosure from the company to the Egyptian Stock Exchange.

The company added that it intends to use this license - granted by the Financial Regulatory Authority - to meet the growing demand for real estate financing by individuals and companies.

Beltone operates in the field of financial services in the Middle East and North Africa, and the company has been expanding the services it provides since the UAE-based Chimera Investment Company acquired more than 55% of its shares in August last year.

In January 2020, Beltone’s Board of Directors approved the establishment of Beltone Real Estate Finance Company.

The need for real estate financing is increasing in Egypt, which is witnessing an economic crisis that has pushed inflation rates to record levels with the decline in the value of the local currency against the dollar, in light of the difficulty in providing the dollar liquidity that the import-dependent country needs.

For more: Serious talk: With its growth strategy... what is Beltone’s next destination?

(Prepared by: Maryam Abdel Ghani, contact: zawya.arabic@lseg.com)

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