Beltone x Al Ahly Sabbour:Beltone’s Financial’s leasing subsidiary has signed a sale and leaseback agreement worth EGP 1.2 bn with real estate developer Al Ahly Sabbour, the company said in a statement (pdf) yesterday.

The details:The financing will be disbursed in two tranches of equal sizes, the second of which will involve a syndicate of Beltone and other financial institutions, the release said, without providing further information.

What’s the money for? The fresh capital will “substantially contribute to our financing requirements and accelerate the pace of construction in our projects,” Al Ahly Sabbour chairman and managing director Ahmed Sabbour said.

BACKGROUND-Beltone Leasing has signed agreements worth approximately EGP 4 bn in 2023, including transactions with Pickalbatros and Hassan Allam Properties worth more than EGP 1.2 bn.

ICYMI- Beltone Leasing recently became Beltone Leasing and Factoring:The companyreceived a license from the Financial Regulatory Authority in September to add factoring to its lines of business.

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