Hisham Talaat establishes a real estate company in partnership with the Commercial International Bank

Businessman Hisham Talaat Mostafa, CEO and Managing Director of Talaat Moustafa Holding Group, in partnership with Commercial International Bank, established TCA Real Estate Company, after obtaining the necessary approvals from the regulatory authorities, and the bank owns a 37% stake in the new company, according to the bank's consolidated financial statements about First quarter of 2021.

 

This is the second partnership that Hisham Talaat Moustafa concludes with the banking sector in less than a year, after signing a strategic partnership agreement with the National and Egyptian Banks last August, with the aim of developing projects spanning an area of ​​341,000 square meters in Al-Rehab and Madinaty, with a value of 4 billion pounds. For the benefit of an investment company owned by the National Bank of Egypt and Egypt, for the purpose of establishing residential, commercial and administrative projects in line with the general plan that was established for the two cities.

 

Hisham Talaat Moustafa aims to partner with major commercial banks to provide liquidity to Talaat Moustafa Group, by using the proceeds from the sale of lands to the banks to provide the group’s debts and liquidity to establish its new projects, as evidenced by what happened in the partnership with the National Bank and Egypt in using the proceeds of the sale of land to pay off Early commitments due in September 2020.

 

At the same time, "Hisham" is benefiting from raising the valuation of his lands in the Madinaty and Rehab projects to about 49 billion pounds, as the price per square meter in the lands was sold to Al-Ahly and Egypt banks for 11,730 pounds, which means that the value of the lands owned by the company does not bear any obligations in favor of the New Urban Communities Authority. , With an area of ​​4.2 million meters, is about 49 billion pounds.

 

Hisham Talaat Mustafa resorted to diversifying the means of financing his projects, as he was the first to establish a securitization company affiliated with a real estate developer, Al-Rehab Securitization Company in 2008, and the purpose of Al-Rehab Securitization Company is to issue bonds guaranteed by a securities portfolio to contribute to financing real estate projects. A sukuk in Egypt to finance its projects worth 2 billion pounds.