Real estate sector acquired half financial leasing contracts in 2013
Sherif Samy - YOUM7 (Archive)

CAIRO: The Egyptian Financial Supervisory Authority (EFSA) said on Tuesday that the real estate sector acquired the largest share of financial leasing contracts in 2013, about 50 percent of contracts, worth 6.08 billion EGP.

The automotive sector acquired 20.36 percent, while the medical equipment and devices sector acquired 11.27 percent, according to an EFSA statement.

Sherif Samy, head of the EFSA, said the volume of financial leasing for 2013 decreased by 24 percent due to a noticeable decrease in plane and ship activity. One contract for ships in 2013 was valued at 17 million EGP and no contracts were recorded for planes, he said.

In contrast, in 2012 three contracts were recorded for planes, valued at 2.2 billion EGP, and four contracts for ships were valued at 52 million EGP.

Samy added that the 10 largest companies acquired 90 percent of the value of financial leasing contracts. The total number of financial leasing companies registered in 2013 was 214, he added.

Two new companies obtained licenses from the EFSA to practice financial leasing during this period, Premier Financial Services and Egypt-Iran for Administrative and Touristic Institutions.

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