In line with Banque Misr's leading role in supporting the Egyptian economy, the Bank has recently signed an escrow account agreement with MIDAR for Investment and Urban Development — the master developer of Mostakbal City and MADA in New Cairo — and the Sixth of October Development and Investment Company (SODIC), a leading real estate developer, in connection with Eastvale, SODIC's latest development within MADA, New Cairo.
The agreement establishes an escrow account to regulate and facilitate financial flows among the three parties, thereby enhancing financial management efficiency and supporting the successful delivery of their joint project objectives with the ultimate precision and organizational discipline. This collaboration reflects Banque Misr's ongoing commitment to providing innovative banking solutions that strengthen financial efficiency and unlock the full potential of modern digital services.
The signing ceremony was attended by Mr. Hisham Okasha, Chief Executive Officer of Banque Misr; Eng. Ayman El-Kousey, Managing Director and Chief Executive Officer of MIDAR for Investment and Urban Development; Eng. Ayman Amer, General Manager of SODIC; Mr. Amr El-Nokaly, Deputy Chief Executive Officer of Banque Misr; Mr. Ahmed El-Kady, Head of the International Corporate and Financial Institutions Products Sector at Banque Misr; and Mr. Amr Demerdash, Head of the Corporate Credit and Syndicated Loans Sector at Banque Misr, along with a number of senior executives representing all three organizations.
Mr. Hisham Okasha, Chief Executive Officer of Banque Misr, affirmed that the Bank's involvement in this agreement is consistent with its broader strategy of keeping pace with the rapidly evolving landscape of digital banking services. Under the agreement, Banque Misr will serve as escrow agent, overseeing the management of the project's collections and disbursements through a fully integrated suite of digital banking solutions and products.
Mr. Okasha further noted that Banque Misr remains steadfast in its commitment to incorporating the latest technological innovations across all its operations, in alignment with global digital transformation standards — underscoring the Bank's conviction in the transformative role of technology within the Egyptian banking sector. He added that the Bank continuously develops its product and service offering to address the evolving needs of its customers, in a manner consistent with overall market requirements and the specific demands of the real estate development sector.
Mr. Okasha also emphasized that this agreement builds on an already strong strategic relationship with both companies and further consolidates the Bank's position in the payments landscape by streamlining business transactions and offering secure, efficient payment methods. The Bank will also provide effective electronic payment channels as accessible alternatives for customers, contributing meaningfully to advancing financial inclusion and accelerating digital transformation.
For his part, Eng. Ayman El-Kousey, Managing Director and Chief Executive Officer of MIDAR for Investment and Urban Development, expressed his pride in the productive collaboration with Banque Misr and SODIC. He underscored that establishing an escrow account in partnership with Banque Misr marks a significant step toward strengthening transparency and enhancing the governance framework for real estate project management — thereby protecting the rights of all stakeholders and bolstering investor confidence in the Egyptian market.
Eng. El-Kousey noted that MIDAR's cities command strong credibility within the Egyptian banking sector, creating a solid foundation for expanded cooperation, particularly given the company's distinguished shareholder structure, which encompasses some of Egypt's most prominent financial and economic institutions, with Banque Misr at the forefront. He affirmed that this cooperation serves as a powerful catalyst for Egypt's drive toward comprehensive and sustainable urban development, benchmarked against the highest international standards.
He further highlighted that the partnership with SODIC for the development of Eastvale within MADA, New Cairo, is a testament to MIDAR's growing success in attracting major real estate developers alongside regional and international investors — cementing its standing as one of the most compelling investment destinations in Egypt's real estate market.
Commenting on the occasion, Eng. Ayman Amer, General Manager of SODIC, stated: "Our collaboration with Banque Misr — one of Egypt's largest and most established financial institutions — through the signing of this escrow account agreement, is a reflection of the strength of this partnership and represents a new chapter in our long-term strategic alliance. The agreement underpins the development of Eastvale, Egypt's first fully integrated community dedicated to elevating quality of life and embedding sustainability at its core, situated within MADA, one of New Cairo's most distinguished future urban communities."
The master plan for Eastvale was designed by the internationally renowned firm EDSA. Spanning 500 feddans, the project is a cornerstone of SODIC's strategic eastward expansion in Cairo. It has been conceived as a fully integrated, sustainability-driven community, with quality of life at the heart of its design philosophy — a vision that permeates every element of its master plan.
At the center of the development lies the "Wellness Boulevard," a flagship amenity corridor featuring a curated selection of world-class wellness facilities, alongside dining outlets, water features, and lush green spaces — all working in concert to foster a holistic, health-focused environment that supports a balanced and enriching lifestyle for its residents.
MADA is MIDAR's newest city and one of Egypt's most notable fifth-generation urban developments. Extending over 5,800 feddans — equivalent to approximately 25 million square meters — it occupies a uniquely strategic position in the heart of New Cairo, in close proximity to the New Administrative Capital and Cairo International Airport, at the confluence of key arterial routes including Al Amal Axis, the Cairo–Suez Road, and South Mostakbal Road, which links the Regional Ring Road and the Middle Ring Road.
Banque Misr remains firmly committed to advancing its institutional role through active participation in initiatives, agreements, and digital platforms that deliver value-added solutions tailored to the full spectrum of its customer base — reflecting the Bank's enduring dedication to sustainable development and the prosperity of Egypt.
