Latest news with #MohamedAbbasFayed
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
FABMISR leads EGP 4.2bn loan for Redcon's Golden Gate project in Egypt
First Abu Dhabi Bank Misr (FABMISR) is leading an EGP 4.2bn syndicated loan for Redcon Properties to finance its 'Golden Gate' commercial and administrative project in New Cairo, the bank announced on Monday. 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.
Zawya
20-05-2025
- Business
- Zawya
FABMISR witnesses profits in Q1-25; customer deposits grow 12%
Cairo: First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt and a unit of the UAE-listed FAB, registered a net profit of EGP 3.90 billion in the first quarter (Q1) of 2025 compared to EGP 9.90 billion in Q1-24. The financial results reflect a resilient performance as the core operational performance showed a notable growth of 31% after neutralizing the impact of exchange rate, according to a press release. The financial statements of FABMISR indicated an 8% increase in net loans and advances facilities to EGP 153.40 billion by the end of March 2025 compared to December 2024. Furthermore, customer deposits increased by 12% to EGP 288.9 billion over the past year. The bank's total assets grew by 12% to EGP 461.90 billion by the end of March 2025, while total shareholders' equity rose by 5% to EGP 63.40 billion. FABMISR reported a net interest income of EGP 7.30 billion in Q1-25, signaling a 20% growth compared to the same period in 2024 while highlighting the bank's strong financial standing and operational efficiency. The CEO and Managing Director of FABMISR, Mohamed Abbas Fayed, said: "Our first-quarter results for 2025 reflect the strength of our business model and the thoughtful execution of our strategy, which centers on innovation and delivering real value to our clients.' Fayed noted: 'The bank has continued to achieve strong performance, driven by high operational efficiency and adaptability in responding to economic changes.' The CEO concluded: 'This growth not only reflects the strength of our financial performance, but also affirms our ability to continue delivering integrated banking solutions that meet the needs of both individuals and businesses, supporting their financial and investment goals.' In 2024, FABMISR posted net profits worth EGP 26.30 billion as well as net loans and advances of EGP 142 billion. Source: Mubasher
Zawya
15-05-2025
- Business
- Zawya
Egypt: FABMISR posts 31% rise in core operating performance in Q1 2025
Arab Finance: First Abu Dhabi Bank Misr (FABMISR) recorded a 31% year-on-year (YoY) growth in core operating performance during the first quarter (Q1) of 2025 after neutralizing the impact of foreign exchange (FX) rates, according to the financial results. Net loans and advances facilities reached EGP 153.4 billion by the end of March 2025, marking a growth of 8% compared to December 2024. Customer deposits jumped by 12% YoY to EGP 288.9 billion in Q1 of 2025, while the total assets grew by 12% to EGP 461.9 billion. Meanwhile, the total shareholders' equity climbed by 5% to EGP 63.4 billion. FABMISR logged a net interest income of EGP 7.3 billion in the first three months of 2025, reflecting an annual surge of 20%. The lender generated a net profit valued at EGP 3.9 billion by the end of March 2025, compared to EGP 9.9 billion in Q1 of 2024. Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, commented: "The bank has continued to achieve strong performance, driven by high operational efficiency and adaptability in responding to economic changes.' 'This growth not only reflects the strength of our financial performance, but also affirms our ability to continue delivering integrated banking solutions that meet the needs of both individuals and businesses, supporting their financial and investment goals,' Fayed asserted. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
05-05-2025
- Business
- Zawya
FABMISR expands in Egypt with 4 new branches
Cairo – First Abu Dhabi Bank Misr (FABMISR), a unit of the UAE-listed FAB, has inaugurated four new branches across Egypt as part of its expansion strategy, according to a press release. The new additions, therefore, bring FABMISR's total number of branches across Egypt to 72 until the present time. The bank operating in Egypt launched several branches in key locations nationwide in the past six months alone, including Mahalla El-Kubra, 10th of Ramadan City, Wadi El-Nil (Mohandeseen), and the Ring Road in Maadi. Additionally, the City Stars Mall branch has been relocated to a new site within the same mall. CEO and Managing Director of FABMISR, Mohamed Abbas Fayed, said: 'The rollout of new branches over the past months reflects our commitment to expanding our network to meet the needs of our customers in the most vital areas of Cairo and industrial zones. Our branch network now stands at 72 branches across the country.' Fayed added: 'Through this expansion, we aim to support economic growth and financial sustainability by offering innovative banking solutions through our user-friendly digital platforms, tailored to the aspirations of individuals and businesses while contributing to the development of the industrial sector.' The branch in El Mahalla El Kubra represents a significant step toward supporting Egypt's major industrial zones, as it is known as one of the largest textile manufacturing centers in the country, presents vast opportunities for small and medium-sized enterprises (SMEs), in addition to ongoing developmental projects aimed at strengthening its role as a key industrial hub. Similarly, the 10th of Ramadan City, which is one of Egypt's largest industrial cities, attracts both local and foreign investments and hosts major construction projects, reinforcing its position as an integrated industrial center. The branch on the Ring Road in Maadi is located in a bustling residential and commercial district that includes embassies, diplomatic offices, and international companies. Meanwhile, the Wadi El-Nile branch in Mohandeseen, located in a major cultural and commercial hub, caters to the needs of both individuals and businesses in one of Cairo's most vibrant areas. Moreover, the City Stars Mall branch, located within one of the capital's most prominent retail and business destinations, continues to solidify the bank's presence in high-traffic urban areas. Earlier in 2025, the Egypt-based lender launched FABMISR E-Connect as a corporate online banking channel designed specifically for multinationals and large businesses. In 2024, FABMISR generated profits worth EGP 26.30 billion, while its total customer deposits reached EGP 258.80 billion. Source: Mubasher
Zawya
30-04-2025
- Business
- Zawya
FABMISR and Orman Association expand partnership with second phase to drive sustainable development
Cairo – Building on the success of its initial efforts, First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, continues its collaboration with Orman Association to enhance the living conditions and economic opportunities in Al Falouga village, located in the Badr district of Beheira Governorate. This marks the launch of the second phase of the village's comprehensive development initiative, reinforcing FABMISR's commitment to social responsibility and Egypt Vision 2030. By the end of this phase, First Abu Dhabi Bank Misr will have completed infrastructure development projects, including fully renovating 50 homes, providing a safer and healthier living environment for the community's most vulnerable residents. In addition, the bank is introducing 12 biogas projects, harnessing renewable energy solutions to reduce dependence on traditional fuel sources and promote environmental sustainability. FABMISR is also supporting the agricultural sector by providing 24 cattle heads to further bolster the community's sustainable farming practices. Furthermore, economic empowerment remains a central pillar of the bank's efforts within the village. First Abu Dhabi Bank Misr will have supported local entrepreneurship for 55 families by facilitating micro-projects that enhance financial inclusion and create sustainable income streams. This includes funding for small businesses such as grocery stores, clothing ventures, cleaning supplies, sewing enterprises, and confectionery shops. To further promote economic growth, FABMISR will also have enhanced financial literacy for 55 individuals, providing them with the knowledge and tools to better manage their finances, which is integral to their ability to sustain and expand their businesses. Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, commented on the initiative, stating: "The success of the first phase in Al Falouga village has reaffirmed our commitment to creating sustainable and impactful change in communities that need it most. At FABMISR, we believe in driving progress through a holistic approach that not only improves living conditions but also empowers individuals with the tools and opportunities to build a better future. With the launch of the second phase, we continue our efforts to enhance infrastructure, promote renewable energy solutions, and foster economic empowerment, ensuring long-term prosperity for the residents of Al Falouga." Ahmed Osama El-Gendy, CEO of Orman Association, emphasized the significance of the ongoing collaboration, stating: "Our partnership with FABMISR continues to be a driving force in transforming Al Falouga village and empowering its residents. At Orman Association, we have always been committed to transitioning communities from reliance to self-sufficiency, and this collaboration is a testament to the power of collective action in creating lasting impact by fostering long-term sustainability by supporting economic growth and renewable energy solutions." It is worth noting that the first phase of the initiative saw the rehabilitation of 25 homes, support for 40 small enterprises, the implementation of 6 biogas projects, and the provision of 12 heads of livestock, in addition to enhancing the financial literacy of 40 individuals. These efforts contributed to improving the living and economic conditions of the village's residents. With the launch of the second phase, First Abu Dhabi Bank Misr continues its efforts to promote sustainable development and elevate the quality of life in communities, reaffirming its commitment to social responsibility and its vision for the future. About FABMISR: FABMISR, a subsidiary of the First Abu Dhabi Bank Group (FAB), is one of the largest foreign banks operating in Egypt. FABMISR's local network operates through 72 branches, where it provides leading banking products and services that cater to all customer segments; along with achieving the highest value for its stakeholders and employees. Moreover, the bank offers a personalized banking experience to meet the various expectations of its customers from large organizations, SMEs and consumers whilst utilizing its global experience to support stakeholders, entrepreneurs and the local economy. FAB is one of the world's largest and safest financial institutions with an international network spanning over five continents. The bank also offers global relationships, extensive experience, and financial strength to support local, regional, and international companies seeking to manage their businesses at home and abroad. FAB is rated Aa3, AA- and AA- by Moody's, Standard & Poor's (S&P, and Fitch, respectively), making it the most robust aggregate rating of banks in the Middle East and North Africa region. FAB is also a regional leader in sustainability and is part of the MSCI ESG Leaders Index and FTSE4Good EM. For more information on FABMISR, please visit
