Cairo – 31 March 2024: First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, announced its implementation of the latest initiative introduced by the Central Bank of Egypt, mortgage finance. This initiative aims to facilitate property ownership for middle income individuals. FABMISR now offers mortgage finance with an annual interest rate of up to 8% decreasing, aiming to meet the needs of a specific customer segment, while increasing demand for real estate financing services.

Through this initiative, FABMISR aims to introduce real estate financing within the first year, catering to needs of diverse customer landscape within the Egyptian market. With the rapid development witnessed in real estate financing, the bank aims to provide unique value-added services.

In this context, Mr. Mohamed Abbas Fayed, Chief Executive Officer and Managing Director of FABMISR, stated: “We take pride in participating in the mortgage finance initiative introduced by CBE. This initiative resonates with our global strategy, which focuses on broadening our market reach by catering to various customer segments.”

It is worth mentioning that FABMISR is dedicated to providing an exceptional experience to its clients by offering additional advisory services. Additionally, the bank ensures the simplification of procedures and documentation for customers. This effort aims to drive economic growth and stimulate activity in the real estate market.

ABOUT FABMISR:

FABMISR, a subsidiary of the First Abu Dhabi Bank Group (FAB), is one of the largest foreign banks operating in Egypt. FABMISR’s local network operates through 65 branches, where it provides leading banking products and services that cater to all customer segments; along with achieving the highest value for its stakeholders and employees. Moreover, the bank offers a personalized banking experience to meet the various expectations of its customers from large organizations, SMEs and consumers whilst utilizing its global experience to support stakeholders, entrepreneurs and the local economy.    

FAB is one of the world’s largest and safest financial institutions with an international network spanning over five continents. The bank also offers global relationships, extensive experience, and financial strength to support local, regional, and international companies seeking to manage their businesses at home and abroad.

FAB is rated Aa3, AA- and AA- by Moody's, Standard & Poor's (S&P, and Fitch, respectively), making it the most robust aggregate rating of banks in the Middle East and North Africa region. FAB is also a regional leader in sustainability and is part of the MSCI ESG Leaders Index and FTSE4Good EM.

For more information on FABMISR, please visit www.fabmisr.com.eg/en.