Global lease gives Heliopolis development LE100M in lease

CAIRO – 22 June 2017: Heliopolis Company for Housing and Development (HHD) signed an LE 100 million ($5.5 million) contract with local financial leasing company Global Lease, HHD announced Wednesday.

The value will be used to finance water treatment and sanitation plants in HHD’s New Heliopolis residential compound, the company said in a statement to the Egyptian Stock Exchange.

In the first fourth months of 2017, financial leasing contracts registered LE 8.5 billion in value, LE 7.1 billion more than the same period in 2016, head of the Financial Supervisory Authority (EFSA) Sherif Sami said earlier this month.

Meanwhile, the number of contracts went down to 651 from 836 in the corresponding months last year.

The number of registered financial leasing companies at EFSA reached 224, Sami added.