Arab Finance: Beltone Leasing, a wholly owned subsidiary of Beltone Financial Holding, has inked an EGP 750 million sale and lease back agreement with Pickalbatros Hotels and Resorts Group, according to an emailed press release to Arab Finance on August 28^th.

The strategic partnership entails the sale and leaseback of Laguna Vista Beach Resort in Sharm El Sheikh.

This agreement is aimed at financing Pickalbatros Hotels and Resorts Group's working capital needs.

"As a trusted financial services provider, Beltone Leasing is committed to supporting the growth and development of businesses in Egypt and the region. This partnership exemplifies our dedication to providing innovative financing solutions that caters to the evolving needs of our clients," CEO of Beltone Leasing Amir Ghannam said.

Kamel Abou Ali, Pickalbatros Hotels and Resorts Chairman, commented: "The financing provided will enable us to enhance our working capital and further expand our hotel portfolio, strengthening our position as a leading hospitality brand in Egypt and the MENA region. We look forward to a fruitful partnership with Beltone Leasing".

Pickalbatros manages a diverse portfolio of 25 hotel properties in Egypt, as well as three hotels in Morocco.

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