In the presence of Prime Minister Mostafa Madbouly and Eng. Randa El-Menshawy, Minister of Housing, Utilities, and Urban Communities, Banque Misr and the National Bank of Egypt (NBE) announced the signing of a contract with Hyde Park Developments for a new land plot in the Eastern Expansions area of 6th of October City. Spanning an area of 415 feddans, the land is owned by the Egyptian Company for Real Estate Asset Management and Investment, an affiliate of NBE and Banque Misr. This agreement aligns with the two banks' commitment to supporting economic and social development and fostering vital sectors.

The signing ceremony was attended by Hesham Okasha, CEO of Banque Misr; Mohamed El-Etreby, CEO of the National Bank of Egypt (NBE); Yehia Aboul Fotouh, CEO of the Housing and Development Bank and Chairman of Hyde Park Developments; and Soha El-Turky, Deputy CEO of NBE.

Also, present were Eng. Amin Serag, Managing Director and CEO of Hyde Park Developments; Ahmed ElSaid, Chief Investment Officer and Head of Investments and Investment Trustees at NBE; Khaled Atris, Head of the Legal Affairs Sector at Banque Misr; Karam Salah, Group Head of the Investment at NBE and Chairperson of the Egyptian Company for Real Estate Asset Management and Investment; alongside project teams from all participating entities.

Hesham Okasha, CEO of Banque Misr, emphasized that this collaboration reflects Banque Misr’s vision of supporting vital sectors and enhancing their competitiveness by leveraging institutional capabilities and operational expertise, while adhering to the highest standards of quality and efficiency. He also highlighted the promising growth opportunities in the Egyptian market across real estate investment, infrastructure, and specialized services, underscoring the need to develop effective collaboration models that address diverse customer needs and keep pace with their aspirations.

Okasha added that Banque Misr will continue to support investment initiatives that contribute to creating added value for the national economy, enhancing the investment climate, and advancing sustainable development, in line with Egypt Vision 2030.

In this context, Mohamed El-Etreby affirmed that the contract represents a strategic step aligned with the National Bank of Egypt's commitment to supporting vital sectors, led by the real estate sector, given its pivotal role in driving development and generating job opportunities.

El-Etreby added that this move reinforces the role of both banks as leading national institutions that support the Egyptian economy, while simultaneously enhancing the performance of the banks and their subsidiaries. He noted that investing in real estate through partnerships with efficient, reputable companies is a key factor in ensuring project sustainability and maximizing asset efficiency.

Yehia Aboul-Fotouh expressed his pride in collaborating with the National Bank of Egypt and Banque Misr, affirming that the agreement represents an extension of a fruitful strategic relationship between the parties and supports expansion plans to develop integrated and sustainable urban projects that meet the aspirations of the state and its citizens.

Aboul-Fotouh noted that the company’s expertise and track record in real estate development, engineering, and contracting support its efforts to contribute to stimulating investment and meeting demand for integrated residential projects.

Commenting on the occasion, Eng. Amin Sirag, Managing Director and CEO of Hyde Park Developments, said: “The acquisition of this land marks a significant milestone in Hyde Park Developments’ growth and expansion journey, and represents the culmination of our strategy to strengthen our presence in some of the most vibrant and investment-attractive locations. Completing this acquisition, which represents our fourth and largest project in West Cairo and the tenth addition to our growing portfolio, clearly reflects our financial strength and our firm confidence in the resilience and strength of the Egyptian real estate market. We are also proud that this step is supported by a close partnership with two of the region’s most established banking institutions, the National Bank of Egypt and Banque Misr, under the auspices of H.E. the Prime Minister and H.E. the Minister of Housing. This provides strong momentum for the next phase and stands as clear evidence of the confidence that government and banking stakeholders place in the company’s ability to develop major projects that support the state’s comprehensive development objectives and redefine the concept of integrated development in West Cairo.”