NUCA, United Bank, and Al Oula Sign Cooperation Protocol to Expand Real Estate Financing
The New Urban Communities Authority (NUCA), represented by its Real Estate and Commercial Affairs Sector, has signed a joint cooperation protocol with United Bank and Al Oula Company aimed at supporting the real estate financing system and providing flexible financing facilities for customers seeking to purchase NUCA-owned residential units.
Under the terms of the protocol, United Bank and Al Oula Company will pay the full value of residential units and land to NUCA in advance. In return, the two entities will offer clients convenient installment plans and flexible payment options, a move designed to simplify ownership procedures, boost sales volumes, and stimulate activity in the real estate market.
The agreement aligns with the state’s commitment to sustainable urban development and its ongoing efforts to provide innovative financing solutions that respond to citizens’ needs. It also reinforces the role of the banking sector and private companies as strategic partners in implementing national development plans and supporting economic growth.
The protocol was signed in the presence of Engineer Ahmed Ali, Vice President of NUCA for Real Estate and Commercial Affairs, alongside a number of NUCA leaders, officials from United Bank and Al Oula Company, and representatives from both sides.
NUCA officials stated that the cooperation forms part of the Authority’s broader strategy to expand the base of beneficiaries of its projects and introduce advanced payment mechanisms that align with citizens’ financial capabilities. They emphasized that this approach supports integrated urban development and maximizes the utilization of NUCA’s real estate assets.
Officials further noted that the protocol enhances customer confidence in the real estate market by offering ready-to-move-in units with full amenities, combined with flexible financing plans. This, they said, helps achieve a balanced approach that serves both state interests and citizens’ needs, while contributing to the long-term sustainability of the Egyptian real estate sector.
For its part, United Bank highlighted that the agreement reflects its commitment to supporting government initiatives in housing and urban development. The bank aims to provide innovative real estate financing solutions that facilitate homeownership for a wide range of social segments, in line with financial inclusion policies and national economic objectives.
Al Oula Company described the cooperation as a successful model of integration between government entities and the private sector. The company noted that the partnership is expected to stimulate sales, increase transaction volumes in the real estate market, and create new job opportunities, given the sector’s strong linkages with numerous other industries and economic activities.
Both sides affirmed that the protocol represents an important step toward developing a more efficient and sustainable real estate financing system, delivering practical solutions that meet citizens’ aspirations and supporting the state’s vision for adequate housing and comprehensive urban development.