Arab Finance: Beltone Leasing and Factoring, a wholly-owned subsidiary of Beltone Holding, has signed the first syndicated factoring deal in Egypt valued at EGP 925 million for Redcon Properties, as per an emailed press release.

The agreement aims to finance Redcon Properties’ working capital needs.

Beltone Leasing and Factoring has partnered with several leading factoring companies, including Cairo Lease, Enmaa, Misr Finance, and AUR Leasing, which provided EGP 512.5 million of the deal’s total value.

However, Beltone Leasing and Factoring covered the remaining EGP 412.5 million.

Banque Misr acted as the deal’s escrow bank.

Commenting on the deal, Redcon Properties’ Vice Chairman Ahmed Abdallah said that “It [the deal] makes us the first real estate development company to use this non-banking financial tool to finance our projects, opening the door for its use by other companies in the future to contribute to the sustainable growth of the real estate sector”

"The syndicated factoring agreement with Redcon Properties is a testament to our commitment to fostering financial growth and inclusivity,” CEO of Beltone Leasing and Factoring Amir Ghannam commented.

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