Egyptian Arab Land Bank total assets rise to 3.6 billion pounds

Egyptian Arab Land Bank (EALB) recorded total assets of about 3.6 billion Egyptian pounds at the end of April 2017 versus 3 billion pounds at the end of the last financial year.

EALB, which is a state-owned lender specialising in real estate investments, sold units worth 400 million pounds during the first 10 months of the current financial year, the bank’s chairman Abdel Meguid Mohy El-Din told Amwal Al Ghad.

The bank has received Lounge Beach resort in Ain Sohkna and will decide either selling it to an investor or through retail sale system.