GlobalCorp for financial services has signed a EGP 450m leasing contract with Mountain View for investment and real estate development to finance the latter’s operations and working capital.
The seven-year agreement comes to support the real estate development sector with state- of-art financial solutions.
This agreement will finance the construction activities of Mountain View. The financing is in line to support Mountain View’s growth plans and to maintain its constant presence as one of the top developers in Egypt.
Hatem Samir, Founder, CEO, and MD of GlobalCorp, stated: “We’re glad to support the real estate industry, developers, and projects. It is our belief that the real estate industry is vital in contributing to the strength of the Egyptian economy. We have a long-term partnership with Mountain View for development and real estate investment with substantial milestones achieved together and we look forward to accomplishing more through different upcoming agreements and strategic partnerships to support their business growth. In GlobalCorp, we continue to support this promising sector in terms of providing the tools necessary for financing expansions at various levels. Additionally, we have fostered solid relationships with various sectors in Egypt providing them with innovative financing solutions”.
Ghada Nour, Group CEO-Investment and Assets management of Mountain View – DMG, stated: “Mountain View grew significantly over the last couple of years, in terms of sales volume, size of investment, and land bank, becoming one of the top developers in the market. Given this growth, Mountain View is seeking innovative financing solutions to support its investment & growth plans for the coming 5 years. We are pleased to announce the successful closing of a leasing agreement of EGP 450m with GlobalCorp with competitive interest rates. This comes in line with our plans to find competitive financing solutions to expedite the construction workspace for our current projects. Mountain View and GlobalCorp are long standing partners with whom we look forward to doing business for years to come, as our relationship dates back to 2017 where GlobalCorp has provided previous factoring facilities worth EGP 250m to Mountain View.”
