Latest news with #EastCairo
Zawya
06-08-2025
- Business
- Zawya
Al Baraka Bank Egypt partakes in $128mln financing contract for Mountain View; listed banks included
Cairo: Al Baraka Bank Egypt has participated in a banking consortium comprising five leading Egyptian banks to sign a long-term joint financing contract in favor of the real estate developer Mountain View, according to a press release. The contract is valued at EGP 6.20 billion and holds a duration of up to seven years to finance part of the investment cost totaling EGP 14.40 billion of the Mountain View project in East Cairo. Banque Misr led the alliance as the financing agent, guarantee agent, and the account bank. Meanwhile, the financing banks, in addition to Al Baraka Bank Egypt, included QNB Egypt, Egyptian Gulf Bank (EG Bank), Industrial Development Bank (IDB Bank), and the United Bank. The CEO and Vice Chairman of Al Baraka Bank Egypt, Hazem Hegazy, said: "The participation of Al Baraka Bank Egypt in this joint financing comes within the framework of our commitment to supporting real estate projects with clear economic viability, such as the Mountain View project in East Cairo, which is considered one of the integrated projects that contribute to the development of new urban communities.' Hegazy added: 'This participation is an extension of Al Baraka Bank's approach in directing financing toward projects with real added value that stimulate economic activity, especially those related to multiple productive and service sectors." The CEO concluded: 'We also appreciate the banking cooperation which allowed this funding and therefore, reflects the banking sector's ability to unite efforts to finance strategic projects requiring long-term resources.' It is worth noting that Al Baraka Bank Egypt lately donated EGP 5 million to Sheikh Saleh Kamel Secondary School for Applied Technology and Ready-Made Garments in support of textile industries in Egypt.
Zawya
05-08-2025
- Business
- Zawya
Egypt: PRE Group launches ZAG at Ivoire East project
Arab Finance: PRE Group has launched ZAG, a modern commercial and administrative hub for the Ivoire East project in New Cairo, according to a press release. The development scheme spans more than 108,000 square meters of land, with a built-up area of 122,249 square meters and investments valued at EGP 9 billion. It is part of PRE Group's strategy to develop integrated communities that meet residents' needs and promote a modern lifestyle The company is launching ZIG in West Cairo and ZAG in East Cairo, boosting its expansion plan to improve urban connectivity and provide a fully integrated living experience. The ZAG project comprises 15 carefully designed mixed-use buildings and offers modern administrative offices ranging from 90 to 250 square meters, featuring open spaces with impressive views. Walid Zaki, CEO of PRE Group, highlighted that the project marks a strategic step in the company's vision to redefine integrated communities. Zaki added: "Our core philosophy is to develop living and investment environments that offer a modern lifestyle concept through the products and projects we deliver, meeting our clients' aspirations and needs. ZAG, as a modern hub within the integrated Ivoire East project, embodies and strengthens this vision." Spanning more than 438,000 square meters, the Ivoire East project has over 980 diverse residential units, including standalone villas, townhouses, apartments, and duplexes. It is worth noting that PRE Group has successfully delivered over 19,000 residential units, currently home to around 80,000 people. The company achieved strong contracted sales valued at EGP 43.2 billion in 2024. As for its expansion plans in 2025, PRE Group aims to scale its business into major projects covering over 5 million square meters, targeting contracted sales of EGP 70 billion. The group's project portfolio includes residential, commercial, administrative, and coastal communities such as Telal Al Alamian, Telal Sokhna, Stone Park, IVOIRE EAST, IVOIRE WEST, The Brooks, Gabal El Sokhna, The Big Business District, and Point 90 Mall. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
23-07-2025
- Business
- Zawya
Egypt's MIDAR, Saudi's Sumou partner on $1.4bln Boulevard project in East Cairo
Egyptian master developer MIDAR (Midar for Investment and Urban Development) has signed a revenue-sharing agreement with Saudi Arabia's Sumou Investment, represented by its subsidiary Adeer International, to co-develop a mixed-use project named Boulevard in Mostakbal City, East Cairo. Speaking to Zawya Projects, Ayman ElKousey, CEO and Managing Director of MIDAR, said the 60-acre project will be developed at a total investment of 70 billion Egyptian pounds ($1.4 billion). Covering an area of 5,200 acres, Mostakbal City is MIDAR's first master development. ElKousey added that 26 developers are currently executing projects within MIDAR's approximately 11,000-acre land holding in East Cairo, which also includes its second master development MADA City, spanning 5,800 acres. He said the company is targeting $7 billion in investments within its developments in the near future. In January 2025, MIDAR had inked a $2 billion strategic agreement with Sumou Investment, Adeer International, and Hassan Allam Properties to develop hospitality and leisure projects across premium Nile-front locations and within MIDAR's cities. ElKousey said Adeer International and Paragon Developments will establish a joint venture to lead the development of the new project. Adeer entered the Egyptian market in 2023 with the launch of 'Adeer Plaza' and established strategic partnerships with Hassan Allam Properties, Mili, and Paragon. (1 US Dollar = 49.07 Egyptian pounds) (Reporting by Eman Hamed; Additional writing by Marwa Abo Almajd; Editing by Anoop Menon) (
Zawya
07-07-2025
- Business
- Zawya
Egyptian real estate investment firm Bonyan eyes expansion in East Cairo
Egyptian real estate investment company Bonyan is planning to expand its portfolio in the commercial real estate sector with a particular focus on East Cairo, according to the company's CEO Shamel Aboul Fadl. Speaking to Zawya Projects, Fadl said seven new assets are currently under evaluation, with one expected to be selected soon for acquisition. The company currently owns 10 commercial assets in East and West Cairo with 93 percent occupancy rate and 56 percent of the leases denominated in US dollars. Commenting on the company's initial public offering (IPO) on the Egyptian stock exchange EGX, Fadl said that first-day subscription coverage on Sunday surpassed expectations, calling the market response 'very positive.' The company is offering up to 21.94 percent of its share capital through the IPO with a total transaction size of EGP 1.8 billion. Of the total EGP 1.8 billion offering, EGP 1.55 billion will be raised through a secondary sale by existing shareholders, while EGP 250 million will be generated via a primary issuance of new shares. Fadl said the company's share was valued at EGP 7.5 per share by an independent financial advisor, who based the assessment on a blend of asset appraisals and comparable transaction benchmarks, implying offering valuation of EGP 8.2–9 billion for the floated stake. 'If the capital is increased, the funds will be used to support the company's investment expansion,' he said, adding that debt levels remain low, currently not exceeding 8 percent of the portfolio's value, as a precaution amid high interest rates. The offering is structured with a 95 percent allocation to institutional investors and 5 percent to retail participants, according to a presentation by company officials. It includes a stabilisation fund of EGP 360 million, equivalent to 20 percent of the offering size, of which EGP 270 million is designated for the private tranche. The stabilisation mechanism will remain active for one-month post-listing. (1 US Dollar = 49.69 Egyptian Pounds) (Writing by Marwa Abo Almajd; Editing by Anoop Menon) (
Zawya
30-06-2025
- Business
- Zawya
Egypt: Sakan Developments launches Park-U project in El Shorouk City
Egypt - Sakan Developments has announced the launch of its latest project, Park-U, located in El Shorouk City, with total investments exceeding EGP 4.8bn. This ambitious development marks a significant milestone in the company's growth strategy. Sakan Developments has already delivered more than 56 projects and handed over over 250 residential units, with total investments surpassing EGP 3.7bn, primarily in El Shorouk City and New Cairo. Spanning a total land area of 15,000 square meters, Park-U features an operational built-up area of 69,300 square meters. The project aims to serve as a vibrant hub for business and leisure, reflecting the company's commitment to providing integrated, high-value developments in emerging urban areas. Walid Khattab, Chairperson of Sakan Developments, commented: 'This project is part of our ongoing commitment to delivering innovative solutions that meet the aspirations of the Egyptian market. Park-U is designed to respond to growing demand for modern commercial spaces in East Cairo.' Ahmed Taher, Head of the Commercial Sector at Sakan Developments, added that development of Park-U will span 42 months, starting in June 2025, with the first units expected to be delivered and operations commencing by early 2029. He highlighted the project's strategic location, situated near the New Administrative Capital, which positions Park-U as a promising commercial and lifestyle destination. The development is expected to attract not only El Shorouk residents but also professionals, visitors, and residents of the New Administrative Capital, serving the needs of thousands in the coming years. Taher also emphasized the project's strong investment potential, given the increasing demand for commercial, retail, and entertainment spaces in rapidly developing urban zones. Park-U is set to play a key role in enhancing economic activity in El Shorouk and its surrounding areas. To ensure the highest standards in design and execution, Sakan Developments has partnered with a group of renowned companies, including ACE Moharram-Bakhoum, KAD, Smarch Architects, Kelma Developments, Sedra Electric, and e& business (Etisalat). Each partner brings specialized expertise to ensure the successful delivery of the project. Park-U reflects Sakan Developments' broader vision to contribute to Egypt's urban expansion through high-quality, future-ready developments that align with market trends and evolving consumer needs.
