Contact and El Gouna sign financing agreement for homeowner’s extra works and renovations

Daily News Egypt
6 Min Read

Contact Credit, a pioneering consumer and mortgage finance and one of Contact Financial Holding’s subsidiaries, has signed a cooperation agreement with El Gouna, one of Orascom Development’s leading fully integrated towns by the Red Sea. The agreement will enable homeowners to renovate, modify and expand their unit, before and after delivery, on instalments at a preferential interest rate. With this agreement at hand, homeowners can expedite their moving process with convenient and hassle-free financial support.

Within the structure and criteria of this agreement, Contact will finance the cost of renovation and modification of units for El Gouna’s owners for up to five years’ tenor without any down payments, administrative fees, and without having to front the unit as a guarantee for payment. El Gouna will be carrying out the additional works and the various renovations of the unit, which makes the financing product attractive to a large segment of homeowners. In addition to financing the units’ modification and renovation, homeowners will also receive preferential interest rates on all Contact’s other special financing products and services.

The agreement was signed by Said Zater, CEO of Contact Financial Holding, and Mohamed Amer, CEO of El Gouna. This agreement comes in light of reinforcing the position of the two leading parties in their fields, as Contact seeks to cooperate with eminent real estate developers in the Egyptian market to expand its client base and solidify its name as a pioneer in consumer and mortgage financing. In addition to financing all products and services that can be financed according to Egyptian Law.

Said Zater, CEO of Contact Financial Holding commented on the importance of this collaboration, which opens up new prospects for customers to join Contact’s existing customer base with access to outstanding financial services provided by Contact. He elaborated, “The agreement reaffirms the market’s confidence in Contact Financial Holding and its subsidiaries, and having gained the trust of real estate pioneers such as Orascom Development holds great significance.”

Sharing the company’s vision, Zater added “These types of agreements are part of Contact’s comprehensive strategy which has been in implementation these recent years intending to diversify the group’s financial portfolio and address all the Egyptian market’s segments with a wide variety of products that meets their financing and insurance needs.

Mohamed Amer, CEO of El Gouna, stated that the signing of the cooperation agreement with Contact is part of El Gouna’s efforts to provide its clients with reliable and solid financing solutions at all stages of their home ownership, especially the phase before delivery. “In our view, partnering with Contact, as one of the leading and reputable companies in the Egyptian non-banking financial services sector, meets our vision to provide our clients with the facilities needed to modify or renovate their units over a long repayment tenor.”

“Additionally, the agreement is in-line with our strategy to develop the town and provide best-in-class services and facilities. Furthermore, we assure our clients that our product offerings related to renovations and modifications of the units come at the highest level of quality and per international standards and the unique designs are known of El Gouna’s units,” confirms Amer.

In addition, he explained that Orascom Development provides fully integrated towns equipped with excellent facilities and infrastructure to meet different customer needs. This is reflected in the keenness of El Gouna to establish successful specialized partnerships that ensure state-of-art services are appropriately provided in line with today’s needs and contribute to the implementation of the company’s vision.

It is worth noting that El Gouna is an iconic fully integrated sustainable town within the Red Sea. Located on an area of 36.9 million square meters, where nearly 9,000 residential units were delivered, with modern infrastructure and vital facilities such as schools, sports and social clubs, an international hospital, two marinas, retail shops, golf courses, addition to a remote campus for the German university (Technische Universität Berlin TUB). El Gouna also includes 18 hotels with a capacity of more than 2,500 rooms to host visitors from all over the world. Moreover, the town organizes and hosts many local and international events, taking advantage of its picturesque nature and special location.

Contact Financial Holding is a leading provider of non-bank financial solutions and services, managing a group of companies that provide a full range of financing and insurance products and services to a wide variety of customer segments. Contact is adopting an innovative approach to ensure the delivery of their highest quality financial services in the fields of finance and insurance, with the easiest procedures to reach a wide segment of the market.

Share This Article