Al Baraka Bank Egypt acts as mandated lead arranger in EGP 4.2bln syndicated facility for Redcon Properties for Real Estate Development
Cairo – As part of its strategic vision to enhance its role in the syndicated finance market, Al Baraka Bank Egypt announced its participation as a Mandated Lead Arranger in a syndicated facility valued at EGP 4.2 billion. The facility is extended in favor of Redcon Properties for Real Estate Development to support the execution of its flagship integrated commercial and administrative project, 'Golden Gate,' located in the heart of New Cairo. Al Baraka's contribution to the facility amounts to EGP 1 billion, underscoring the bank's steadfast commitment to advancing the real estate sector through innovative financial solutions.
The facility was structured and arranged by First Abu Dhabi Bank Misr (FABMISR), acting as the Initial Mandated Lead Arranger, Bookrunner, Facility Agent, Account Bank, and Security Agent. The syndicate includes Al Baraka Bank Egypt and Abu Dhabi Commercial Bank (ADCB) as Mandated Lead Arrangers, alongside Arab Bank and Emirates NBD Egypt as Lead Arrangers. Matouk Bassiouny & Hennawy (MBH), acted as the Lenders Legal counsel marking a strong show of confidence in the project's viability and long-term impact.
Commenting on the announcement, Mr. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, stated: 'Our participation in the Golden Gate project through this syndicated structure is a clear testament to our ongoing efforts to support the real estate sector and contribute meaningfully to urban development in Egypt. We believe syndicated facilities are an essential mechanism for mobilizing investment in projects that offer both economic and societal value. Our commitment to delivering comprehensive financial solutions reflects our mission to empower clients with sustainable growth opportunities while supporting projects that improve urban infrastructure and quality of life, consistent with Egypt's vision for planned urban expansion.'
Eng. Tarek El Gamal, Chairman of Redcon Properties for Real Estate Development, emphasized the significance of the project, stating: "Golden Gate marks a turning point in urban development concepts. Our goal is to create an integrated experience that redefines modern commercial and administrative communities in Egypt, offering vibrant spaces that cater to diverse societal needs with a strong focus on environmental responsibility. The project spans a total built-up area of 178,655 square meters and features world-class commercial and office units, making it an attractive destination for local and international investors. This financing reflects the market's trust in our long-term strategic vision and highlights a successful model of collaboration between the real estate and banking sectors in support of national development objectives.'
The financial alliance, led by FABMISR, further cements Golden Gate's status as one of East Cairo's most prominent mixed-use developments. Strategically located in New Cairo directly across from the American University in Cairo (AUC), the project boasts a 1.2-kilometer frontage on South 90 Street and lies just 400 meters from the nearest monorail station, ensuring seamless connectivity with the area's modern transport and infrastructure networks.
It is noteworthy that Al Baraka Bank Egypt participated in 12 syndicated facilities during 2024, contributing over EGP 6 billion to major projects in key sectors, including energy, real estate, and agribusiness. This demonstrates the bank's depth of expertise in structuring high-impact financing solutions that advance Egypt's sustainable economic development.
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