Egypt’s Housing Bank boosts its investments into sister companies, launches new affiliate

11/5/2022 12:00:00 AM

Housing and Development Bank is a name that has a history and a pioneering role in the real estate sector for more than four decades. It has played a pivotal role in supporting the national economy.

HDB has a distinctive and unique business model. It is a combination of a long history of leadership in the field of urban development and a broad base of customers. Throughout 40 years, the bank has become one of the largest comprehensive commercial banks.

During the entire development journey adopted by the bank under the leadership of Hassan Ghanem; it has continued to support and develop its affiliate companies. HDB owns over 20 companies specialized in real estate and financing services.

By shedding the light on HDB’s investments into its subsidiaries during the current year; it is clear that bank was able to increase its contributions into its affiliates by EGP 30.14 million during H1\2022 which reached EGP2.47 billion at the end of last June, compared to 2.44 billion pounds by the end of 2021.

HDB owns more than half shares in Hyde Park Real Estate Development Company with a contribution rate of 53.66% and a value of EGP1.61 billion at the end of last June. However, the bank’s contribution into the Development Company for Housing and Utilities is about 35%, with a value of EGP 43.13 million

In addition, the bank’s shares in Mortgage Finance Company amounted to 24.84%, with a contribution value of 235.38 million pounds.

However, the bank has reduced its shares into City Edge Real Estate Development Company to record 25.76% at the end of last June, instead of 35.05% at the end of 2021.

Moreover, the bank’s profits from sister companies amounted to EGP162.96 million in June 2022.

Recently, HDB has launched its affiliate company Housing and Development Properties (HDP) for real estate marketing. HDP provides professional real estate marketing and investment services. It aims to be one of the largest real estate marketing companies in Egypt and the Middle East region.

The company has an ambitious expansion strategy to provide customers with integrated marketing and investment services at the highest level which enables it to increase the market share and attract new customers in this field, as well as provide the opportunity for it to have a distinctive presence through marketing the current projects owned by the Bank.