Real Estate Egypt increases home loan repayment limit to 50% By Pramod Kumar January 1, 2023, 7:40 AM Unsplash.com FRA chairman says the move aims to counter the ramifications of high inflation rates Egypt’s Financial Regulatory Authority (FRA) has increased the maximum installment limit for mortgage finance schemes up to 50 percent of the purchaser’s income, according to a local media report. Previously, the maximum limit was set at 40 percent. This aims to increase the number of beneficiaries from real estate financing, said FRA Chairman Mohamed Farid, adding it will allow homebuyers to pay installments of up to 50 percent of their monthly gross income in mortgage financing. “The move aims to counter the ramifications of high inflation rates in light of the current economic conditions in the markets,” Farid said. Farid said that the FRA always seeks solutions and suitable alternatives to enhance the efficiency and competitiveness of the non-banking financial markets, including mortgages. In July 2021, the Central Bank of Egypt introduced a EGP 100 billion ($4.05 billion) mortgage finance initiative that serves low and middle-income citizens. Finance mortgage firms provided EGP 4.2 billion in home loans in the third quarter of 2022, up 71.5 percent year-on-year, according to the FRA’s data.
Artificial Intelligence Gulf has a strong hand in Trump’s $500bn AI project Two of the three tech giants that President Donald Trump said Tuesday will partner up to build billions of dollars worth of artificial-intelligence (AI) infrastructure in the US have been recipients of significant Gulf investments. Japan’s Softbank and US companies OpenAI and Oracle committed $500 billion over four years to Stargate, a new entity tasked […] 4 hours ago
Finance Pakistan agrees to $1bn loan from Middle Eastern banks Pakistan has agreed terms for a $1 billion loan with two Middle Eastern banks at a 6-7 percent interest rate, its finance minister Muhammad Aurangzeb told Reuters on Tuesday, as the South Asian country searches for more financing. “With two institutions we have now gone forward in signing up the term sheet – one bilateral […] 3 hours ago
Economy Egypt targets €4bn EU funding by June Egypt is aiming to strike a deal with the European Union (EU) to secure €4 billion ($4.2 billion) in financing to back its current reform agenda, according to a media report. Cairo has started negotiations with the EU, with the funds directed towards budget support and not specific projects, Asharq Business reported, quoting minister of […] 3 hours ago
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of the blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The capacity building will take through […] 2 hours ago
