FABMISR leads EGP 4.2bn loan for Redcon's Golden Gate project in Egypt
FABMISR was initial mandated lead arranger, bookrunner, facility agent, security agent, and account bank. The syndicate includes Al Baraka Bank Egypt and Abu Dhabi Commercial Bank as mandated lead arrangers, with Arab Bank and Emirates NBD Egypt as lead arrangers. Matouk Bassiouny & Hennawy served as legal counsel.
The financing was 1.2 times oversubscribed, increasing the facility from EGP 3.5bn to EGP 4.2bn via a greenshoe option.
Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: 'We are proud to lead this financing alliance… The EGP 4.2bn facility… will partially fund the investment cost of Golden Gate. This collaboration reflects our growing confidence in the Egyptian market.'
Tarek ElGamal, Chairperson of Redcon Properties, stated: 'We deeply value this financial partnership… This financing marks a significant boost toward accelerating the implementation of Golden Gate's phases… For us, Golden Gate is… a meaningful contribution to Egypt's urban development journey.'
Ahmad Touni, CEO of Redcon Properties, added: 'Golden Gate represents a paradigm shift in urban development. We aim to deliver an integrated experience… with a strong focus on environmental sustainability… The financing will cover part of the first phase's investment cost of approximately EGP 24.3bn.'
Hazem Hegazy, CEO and Vice Chairperson of Al Baraka Bank Egypt, stated: 'Our involvement in this joint financing deal aligns with our strategy to support the real estate sector and actively drive Egypt's urban development momentum.'
Ehab El Sewerky, CEO and Managing Director of Abu Dhabi Commercial Bank Egypt, commented: 'Our participation in this syndicated loan reaffirms our strong commitment to Egypt's economic development and reflects our strategic focus on actively contributing to vital sectors like real estate development.'
Ahmed Ismail, Area Manager of Arab Bank, said: 'Arab Bank is committed to offering financial solutions that back strategic projects and contribute to the development of key sectors and sustainable economic growth.'
Amr El Shafei, CEO and Managing Director of Emirates NBD Egypt, remarked: 'Such impactful and successful deals align with our strategic objectives… and showcases our commitment to driving economic and urban development in Egypt.'
The Golden Gate project is in New Cairo, with a 1.2-kilometre frontage on South 90 Street opposite the American University in Cairo (AUC), and 400 metres from a monorail station.
The development will offer retail and leisure, and includes a 250,000 square metre, two-level underground car park. Redcon states the project aims for high sustainability standards, reducing service costs by 40%, and is the country's largest green, mixed-use development, partnering with firms for smart, clean energy solutions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Independent
43 minutes ago
- Egypt Independent
Cabinet spox: pound's rise shows strength of economy
Cabinet spokesperson Mohamed al-Homsani said that the stability of the exchange rate and the rise of the Egyptian pound against the US dollar reflect the strength of economic activity, not inflows of speculative capital. In radio statements, al-Homsani added that inflation fell from 14 percent to 13 percent in July, exports increased by over 22 percent, and tourism and remittances from Egyptians abroad improved. He noted that the meeting between President Abdel Fattah al-Sisi and his Ugandan counterpart, Yoweri Museveni, affirms Egypt's Nile water rights while supporting development in basin countries. Al-Homsani stated that Prime Minister Mostafa Madbouly's visit to Jordan included talks with King Abdullah II on energy, transport, industrial integration, the status of Egyptian workers in Jordan, and the signing of bilateral agreements. On domestic issues, al-Homsani affirmed that the Cabinet approved measures to regulate landlord–tenant relations under the old rent law, record non-residential units, and provide relocation options through an online platform and post offices, with requests processed in three months. Additionally, the spokesman noted that a comprehensive plan to modernize the country's media system is being prepared for presentation to President al-Sisi, following his recent meeting with media leaders.
Daily News Egypt
8 hours ago
- Daily News Egypt
Egyptian, Jordanian ministers talk cooperation at 33rd Joint Higher Committee session
Egypt's planning minister and her Jordanian counterpart have discussed joint efforts to achieve economic development and enhance growth and employment policies during the 33rd session of the Egyptian-Jordanian Joint Higher Committee in Amman. Minister of Planning, Economic Development, and International Cooperation, Rania Al-Mashat, met with Zeina Toukan, Jordan's Minister of Planning and International Cooperation, to discuss strengthening the partnership between their ministries, the Egyptian ministry said in a statement. Al-Mashat affirmed the Egyptian state's keenness to continue developing relations between the two countries, which she said enjoy direct support from their respective political leaderships to achieve economic integration. The ministers discussed activating an executive programme signed between Egypt's Institute of National Planning (INP) and the Jordanian Ministry of Planning and International Cooperation. Al-Mashat highlighted the pivotal role of the Joint Higher Committee, the oldest of all Arab bilateral higher committees, in supporting and strengthening joint economic, trade, investment, and cultural relations. She welcomed the cooperation and exchange of expertise in development planning and sustainable development, noting that a Memorandum of Understanding signed in August 2023 covers areas such as strategic planning, governance, and competitiveness. The two ministers also discussed the possibility of exchanging expertise on their efforts to implement the recommendations of the 'Public Governance Review,' which was launched by both countries in cooperation with the Organisation for Economic Co-operation and Development (OECD). Additionally, they discussed joint coordination in international forums to advance global efforts to implement the outcomes of the 4th International Conference on Financing for Development, especially regarding reforms of the global financial architecture and the United Nations system.
Daily News Egypt
8 hours ago
- Daily News Egypt
Egypt's electricity minister, Copelouzos Group discuss progress on Egypt–Greece power interconnection
Minister of Electricity and Renewable Energy Mahmoud Essmat met with Dimitris Copelouzos, Chairperson of Greece's Copelouzos Group, and his accompanying delegation to review the latest progress on the Egypt–Europe electricity interconnection project via Greece. The meeting, held at the ministry's headquarters in the New Administrative Capital, also explored opportunities for expanded cooperation in new and renewable energy. The project is part of Egypt's national strategy to transform the country into a regional hub for energy exchange, diversify energy sources, maximise returns from natural resources, and strengthen the resilience and stability of the national power grid through interconnection with neighbouring countries. The discussions covered developments in the direct electricity link with Greece, the potential for exporting renewable energy to Europe, and the establishment of large-scale solar and wind power projects in line with Egypt's renewable energy expansion plans. Topics included potential project sites, proposed transmission line routes, results of meetings between the Egyptian and Greek grid operators and the project developer, tendering procedures, European offers, and measures to reinforce the unified grids in both countries to handle additional capacities for transmission to the European network. Essmat described electricity interconnection projects as 'bridges of friendship' that promote sustainable development partnerships. He stressed that linking to Europe through Greece would strengthen Egypt's position as a regional energy hub and boost the economic value of its renewable energy resources. The minister highlighted the Egypt–Greece project as a strategic component of a broader plan to connect with neighbouring countries and ultimately integrate with the European grid. He underscored the importance of interconnection projects—especially the Greek link—in line with President Abdel Fattah Al-Sisi's vision and the government's policy to consolidate Egypt's role as an energy hub in the Eastern Mediterranean. Essmat emphasised that the ministry is following a clear plan to maximise returns from renewable energy and ensure its optimal management and utilisation. The minister noted that electricity interconnection and energy exchange help achieve a balanced energy mix, particularly for renewables, while delivering economic benefits for all participating countries and stakeholders. He stressed that Egypt remains committed to renewable energy as a cornerstone of its electricity mix, diversifying generation sources, leveraging natural resources, and fostering mutually beneficial international partnerships.
