On September 22, 2026, the Suez Canal Authority, led by Chairman Admiral Osama Rabie, witnessed the signing of a cooperation protocol with the Arab Real Estate Bank. The protocol aims to provide mortgage financing for housing units developed by the Suez Canal Development and Real Estate Investment Company, a subsidiary of the Authority. The signing ceremony took place at the Authority's headquarters in Ismailia, Egypt.
The protocol, signed by Major General Mohsen Abdel Fattah Attia, Chairman of the Board of Directors of the Suez Canal Development and Real Estate Investment Company, and Mr. Madhat Qamar, CEO of the Arab Real Estate Bank, outlines the terms of cooperation between the two parties. Under the agreement, the Arab Real Estate Bank will provide mortgage financing for individuals looking to purchase housing or administrative units in projects developed by the Suez Canal Development and Real Estate Investment Company.
The cooperation protocol also includes a clause to study the possibility of collaborating on the marketing of various real estate projects owned by the Suez Canal Development and Real Estate Investment Company. This move aligns with the Suez Canal Authority's strategy 2030, which aims to maximize the utilization of its assets. The partnership is expected to provide better opportunities for citizens to own homes and enhance the overall development of the region.
Admiral Osama Rabie welcomed the cooperation with the Arab Real Estate Bank, emphasizing the Authority's commitment to providing affordable housing options for its employees, retirees, and other citizens. He highlighted the importance of this partnership in achieving the Authority's social role of improving living standards. The Suez Canal Authority aims to provide suitable housing units and offer flexible payment plans to ensure the well-being of its employees and the wider community.
Mr. Madhat Qamar, CEO of the Arab Real Estate Bank, expressed his appreciation for the cooperation with the Suez Canal Authority, which aims to promote urban development through mortgage financing. He emphasized the bank's commitment to providing support for the Authority's employees, retirees, and citizens through flexible payment plans and mortgage financing options.
The Suez Canal Development and Real Estate Investment Company is one of the subsidiaries of the Suez Canal Authority, responsible for developing and investing in real estate projects. The company's projects aim to provide modern and comfortable living spaces for citizens, while also contributing to the economic growth of the region.
The cooperation protocol between the Suez Canal Authority and the Arab Real Estate Bank is a significant step towards achieving the Authority's goals of providing affordable housing options and maximizing the utilization of its assets. The partnership is expected to have a positive impact on the lives of citizens and contribute to the overall development of the region.
Key points
- The Suez Canal Authority and Arab Real Estate Bank partner to offer mortgage financing for housing units developed by the Suez Canal Development and Real Estate Investment Company.
