A banking alliance consisting of Banque Misr, as the guarantee agent ,the National Bank of Egypt (NBE), as the financing agent, and Qatar National Bank ALAHLI (QNB ALAHLI) as the revenue account bank has successfully arranged and granted a syndicated loan of EGP 2 billion to East Gate New Cairo Real Estate Investments, a subsidiary of Qatari Diar, to finance part of the investment cost of the first phase of the Company's Project “City Gate” in New Cairo, with an approximate area of 2020 acres.
The Financing Contract was signed in the presence of His Highness Sheikh Hamad bin Talal Al-Thani, Chief Development and Project Delivery Officer (Asia & Africa) on behalf of Qatari Diar, Yehia Abou El-Fotouh, Deputy Chairman of the National Bank of Egypt, Akef El-Maghraby, Vice Chairman of the Banque Misr, Mohamed Bedeir, CEO of Qatar National Bank ALAHLI (QNB ALAHLI), Tariq Fayed, Director of the Bank's Board of Directors, in addition to team members of the Company and Banks involved in financing.
For his part, Sheikh Hamad bin Talal Al-Thani thanked the banking alliance between the National Bank of Egypt, Banque Misr and QNB ALAHLI for providing funds for this phase of the project, stating that the value of the loan will be directed to finance part of the investment cost of the first phase of the Project to accelerate the pace of development work, as the actual value of the City Gate New Cairo Project is expected to reach $ 12 billion at the time of its completion, thus achieving a great prosperity of the Egyptian Real Estate market, as it is a self-sufficient city and a comprehensive community providing a variety of services.
Yehia Abou El-Fotouh stated that arranging this loan through the participating banks alliance reflects the role of the Banking Sector in supporting the Real Estate Sector, which is one of the vital sectors that have a significant impact on supporting many other complementary economic activities, such as construction, construction materials and contracting, which is reflected in glorifying the value-added and creating new employment opportunities.
Abou El-Fotouh said that the project emphasizes the ability of Egypt's economy to attract foreign direct investments and reflects the fruitful cooperation between Qatari Diar Company and the banking sector, as well as being in line with the vision of Egypt’s vision to build modern urban communities according to the highest quality and efficiency standards.
After signing the Contract, Akef El-Maghraby, the Vice Chairman of Banque Misr, stated that the contribution of Banque Misr to the financing this project is considered a continuation of its pioneering role in supporting the Egyptian economy, especially since the real estate sector is one of the most influential sectors in the Egyptian economy, as its advancement is reflected in all other economic sectors, which contributes to the implementation of the Egypt’s sustainable development plans through the establishment of integrated urban communities in new cities. The Bank attaches special importance to supporting real estate development companies and is keen to support real estate developers; as the Bank believes in the potential of the Real Estate Sector, which has obviously flourished in the past few years due to its association with a wide range of industries, activities and intermediate industries.
El-Maghraby also praised the fruitful cooperation between the participating banks and the professionalism of the participating banks work team, which have successfully and effectively completed all the co-financing procedures at all stages, as the well-trained cadres are an important factor in conducting necessary research on such grants to be completed with high efficiency. As a leading banking institution, Banque Misr is always keen to enter into initiatives and protocols that aim to support all activities that contribute to creating a better life for citizens, and to provide services that meet the needs of all sectors.
In this regard, Mohamed Bedeir, CEO of Qatar National Bank ALAHLI (QNB ALAHLI), said that the Bank's participation in the joint financing was carried out within the framework of fruitful cooperation between our Bank, the National Bank of Egypt and Banque Misr, aiming at providing excellent banking services to one of the main customers of Qatar National Bank Group and as one of the types of attention paid by the Banks of Egypt to Qatari investments in the promising Egyptian market, which is expected to continue and prosper.
The banks participating in the financing believe that it is necessary to work together to support Egypt’s plan to promote national economic development, and are committed to play their vital role in supporting all activities and sectors that contribute to creating a better life for Egyptian citizens. The three banks are also committed to providing banking and financial services in a convenient and advanced way, striving to improve the excellence of their services, maintain their long-term success, and actively participate in services that meet customer needs.