Banque Misr aims to sell land for 1.5 billion pounds during 2024

Banque Misr, one of the government banks in Egypt, has sold land and real estate assets worth 1.82 billion pounds since the beginning of this year, while it targets land sales worth 1.5 billion pounds in 2024.

The head of the investment sector said. At the bank, Ahmed Sobhi, today, Wednesday, November 29, 2023, according to the Al Arabiya Business website, distributed between sales worth one billion pounds owned entirely by the bank and other joint assets worth 820 million pounds, according to the head of the bank’s investment sector, Ahmed Sobhi.

He explained that the total value of the land portfolio owned by the Bank of Egypt amounts to 5.3 billion pounds as a book value, and this value is distributed over a wide number of areas in different governorates.

The bank aims to sell land for more than 1.5 billion pounds during the year 2024, explaining that the sale process takes place through holding public auctions, according to the head of the investment sector.

Selling real estate assets

  This comes as part of the implementation of the Central Bank’s instructions that require selling real estate assets that have been acquired within a short period in order to redirect the proceeds to strengthen the banks’ capital base and increase the banks’ ability to support new projects.

Sobhi pointed out that the Bank of Egypt has a strategic plan that aims to exit from investment stakes in 100 companies within a period of time ranging from 4 to 5 years. The bank also seeks to exit from stakes in 7 to 10 companies with a value of more than one billion pounds during 2024.

Diversified investment funds

While the financial investment portfolio managed by the sector amounts to about 135 billion pounds, including various investment funds, according to the head of the bank’s investment sector.

Sobhi explained that exiting from companies is a continuous result of structuring processes that aim to monetize some assets that have no longer served their purpose, whether because they do not generate profits for the bank, or achieve gains, so they are excited and capital gains are made that are pumped into other investments that are more feasible.

Banque Misr’s investment structuring plan is also consistent with the Egyptian government’s strategy to exit 32 companies and expand private sector ownership, in line with the state’s 2030 strategy.

Savings certificates

The Bank of Egypt announced, during the recent period, the launch of 2023 savings certificates for all its Egyptian customers in the banking sector with the highest return, reaching 22%, explaining that these certificates will serve a large segment of citizens to save and invest their money in safe ways by enjoying the banking benefits provided through the banking sector. Al-Masry, noting that the certificate’s money can be refunded after 6 months.

Testimony of Ibn Misr

• The period is from 2 to 3 years with a fixed return.

• Monthly return payment period.

• With a return of 22% in the first 12 months.

• And a return of 18% in the second year.

• A return of 16% in the third year.

• Provided that the certificate denomination is 1000 pounds and its multiples.