By Hossam Mounier
Banks won four seats in the board of directors of the Egyptian Union for Real Estate Financing, during the elections held on 25 June for the union membership.
The list of the representative banks in the union’s board of directors includes Mohamed Ashmawy, Hend Abdel Hamid Fahmy, Karim Ezzat Azzer and Adel Talaat as representatives for the United Bank of Egypt, Banque Misr, the National Bank of Egypt, and the Housing and Development Bank, respectively.
The board of directors also includes four representatives of mortgage finance companies affiliated to the banks. Ismail Abdoun, Nagy Sami Fahmi, Ahmed Haggag, and Hany El-Barri were the elected representatives for Al Ahly For Real Estate Development, Arab African International Mortgage Finance, Sakan Finance and Ahli United Finance Company, respectively.
The board of directors also includes Lubna Hilal, as representative for the Egyptian Mortgage Refinance Company, and Hatem Amer, for Amlak Finance and Real Estate Investment. Hilal was elected as the Head of the union, and Adel Talaat as Deputy Head.
Eleven candidates representing the banking sector and nine representing mortgage finance and refinance companies as well as two professional associations applied for the union membership
The union’s main role is to deal with the public entities to facilitate and simplify the real estate registration system, in addition to raising awareness on mortgage finance activity.