Latest news with #RedconProperties
Zawya
2 days ago
- Business
- Zawya
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.
Zawya
3 days ago
- Business
- Zawya
Egypt: Redcon secures $80mln loan led by FABMISR for Golden Gate development
Arab Finance: First Abu Dhabi Bank Misr (FABMISR) has led a syndicated loan worth EGP 4.2 billion to finance the development of Redcon Properties' flagship Golden Gate project, a major commercial and administrative complex in New Cairo, as per an emailed press release. FABMISR served as the initial mandated lead arranger, bookrunner, facility agent, security agent, and account bank for the deal. The syndicate also includes Al Baraka Bank Egypt and Abu Dhabi Commercial Bank as mandated lead arrangers, alongside Arab Bank and Emirates NBD Egypt as lead arrangers. Meanwhile, Matouk Bassiouny & Hennawy acted as legal counsel to the lenders. Initially set at EGP 3.5 billion, the facility was oversubscribed by 1.2 times, triggering the Greenshoe Option and increasing the loan size to EGP 4.2 billion. Golden Gate, located on South 90 Street opposite the American University in Cairo and 400 meters from the nearest monorail station, is positioned as one of East Cairo's key mixed-use developments. The project includes extensive retail and leisure offerings and features one of Egypt's largest underground parking facilities, spanning 250,000 square meters over two levels. Designed to meet high sustainability standards, the development is projected to cut service costs by 40% and is promoted as Egypt's largest green, mixed-use complex. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
bnok24
3 days ago
- Business
- bnok24
FABMISR Leads EGP 4.2 Billion Syndicated Loan for Redcon Properties' 'Golden Gate' Project
Reinforcing its ongoing commitment to supporting major developmental projects in Egypt, First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, announced it has led a syndicated loan worth EGP 4.2 billion for Redcon Properties to finance the execution of its flagship commercial and administrative project, Golden Gate, in the heart of New Cairo FABMISR acted as the initial mandated lead arranger, Bookrunner, Facility Agent, security agent, and account bank for the transaction. The syndicate also includes Al Baraka Bank Egypt and Abu Dhabi Commercial Bank as mandated lead arrangers, along with Arab Bank and Emirates NBD Egypt as lead arrangers, in a collaboration that reflects mutual confidence in the project's viability and developmental value. Matouk Bassiouny & Hennawy served as the lenders' legal counsel The financing was oversubscribed by 1.2x, activating the Greenshoe Option to raise the facility amount from EGP 3.5 billion to EGP 4.2 billion — a testament to the innovative structuring and lenders' trust in the project Commenting on this, Mr. Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: 'We are proud to lead this financing alliance, which reflects the essence of our strategy to empower large-scale real estate projects with forward-looking vision. The EGP 4.2 billion facility, structured over 3.5 years as a revolving credit, will partially fund the investment cost of Golden Gate. This collaboration reflects our growing confidence in the Egyptian market and in the ability of local companies to deliver transformative urban development projects aligned with sustainability goals Eng. Tarek ElGamal, Chairman of Redcon Properties, emphasized the significance of the project, stating: 'We deeply value this financial partnership and take pride in our longstanding relationship with FABMISR under the leadership of Mr. Mohamed Abbas Fayed. We are especially honored that FABMISR has selected one of Redcon's LEED-certified green buildings as its new headquarters. We are also grateful for the trust shown by the participating banks and their esteemed leadership. This financing marks a significant boost toward accelerating the implementation of Golden Gate's phases to the highest standards. For us, Golden Gate is not just a real estate project; it's a meaningful contribution to Egypt's urban development journey Eng. Ahmad Touni, CEO of Redcon Properties, added: 'Golden Gate represents a paradigm shift in urban development. We aim to deliver an integrated experience that redefines commercial and administrative communities, with a strong focus on environmental sustainability and catering to a wide range of users. Featuring international-grade commercial and administrative units, the project is designed to attract both local and international investments and serve as a hub for major banks and companies. The financing will cover part of the first phase's investment cost of approximately EGP 24.3 billion, spanning 178,000 square meters of built-up area. This reflects trust in our long-term strategic vision and a successful model of cooperation between the real estate and banking sectors For his part, Mr. Hazem Hegazy, CEO and Vice Chairman 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. We believe syndicated loans offer a vital platform to stimulate investment in projects with direct economic and social impact. Our commitment to integrated financing solutions underscores our support for sustainable growth, infrastructure enhancement, and improved quality of life in Egypt's new cities, in line with the country's urban expansion vision Likewise, Mr. 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, in alignment with the state's efforts to fund major projects, empower the private sector, and create job opportunities, thereby supporting the goals of sustainable development Mr. 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. We are proud to participate in this banking alliance and to support the financing of a project of this scale and significance Meanwhile, Mr. Amr El Shafei, CEO and Managing Director of Emirates NBD Egypt, also remarked 'We are proud to announce this landmark agreement with our valued partner, Redcon Properties. This deal represents a major step forward in our strategic collaboration and stands as a testament to the trust and shared vision that define our relationship He added: 'Such impactful and successful deals align with our strategic objectives, reinforce our competitive position, and fuel sustainable growth. It enhances our position as a trusted banking partner that supports its clients' ambitions and showcases our commitment to driving economic and urban development in Egypt The financial alliance, led by FABMISR, reinforces Golden Gate's position as one of East Cairo's most prominent mixed-use developments. Strategically located in the heart of New Cairo, the project features a 1.2-kilometer frontage on South 90 Street—directly opposite the American University in Cairo (AUC)—and is just 400 meters from the nearest monorail station, ensuring seamless connectivity with the area's modern infrastructure Golden Gate offers an exceptional retail and leisure experience and includes one of Egypt's largest underground parking facilities, spanning 250,000 square meters over two levels. Embracing cutting-edge sustainability standards, the project reduces service costs by 40% and stands as the country's largest green, mixed-use Google News تابعونا على تابعونا على تطبيق نبض
Daily News Egypt
3 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
4 days ago
- Business
- Zawya
FABMISR leads EGP4.2bln Syndicated Loan for Redcon Properties' 'Golden Gate' Project
Cairo - Reinforcing its ongoing commitment to supporting major developmental projects in Egypt, First Abu Dhabi Bank Misr (FABMISR), one of the largest banks operating in Egypt, announced it has led a syndicated loan worth EGP 4.2 billion for Redcon Properties to finance the execution of its flagship commercial and administrative project, Golden Gate, in the heart of New Cairo. FABMISR acted as the initial mandated lead arranger, Bookrunner, Facility Agent, security agent, and account bank for the transaction. The syndicate also includes Al Baraka Bank Egypt and Abu Dhabi Commercial Bank as mandated lead arrangers, along with Arab Bank and Emirates NBD Egypt as lead arrangers, in a collaboration that reflects mutual confidence in the project's viability and developmental value. Matouk Bassiouny & Hennawy served as the lenders' legal counsel. The financing was oversubscribed by 1.2x, activating the Greenshoe Option to raise the facility amount from EGP 3.5 billion to EGP 4.2 billion — a testament to the innovative structuring and lenders' trust in the project. Commenting on this, Mr. Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: "We are proud to lead this financing alliance, which reflects the essence of our strategy to empower large-scale real estate projects with forward-looking vision. The EGP 4.2 billion facility, structured over 3.5 years as a revolving credit, will partially fund the investment cost of Golden Gate. This collaboration reflects our growing confidence in the Egyptian market and in the ability of local companies to deliver transformative urban development projects aligned with sustainability goals.' Eng. Tarek ElGamal, Chairman of Redcon Properties, emphasized the significance of the project, stating: "We deeply value this financial partnership and take pride in our longstanding relationship with FABMISR under the leadership of Mr. Mohamed Abbas Fayed. We are especially honored that FABMISR has selected one of Redcon's LEED-certified green buildings as its new headquarters. We are also grateful for the trust shown by the participating banks and their esteemed leadership. This financing marks a significant boost toward accelerating the implementation of Golden Gate's phases to the highest standards. For us, Golden Gate is not just a real estate project; it's a meaningful contribution to Egypt's urban development journey." Eng. Ahmad Touni, CEO of Redcon Properties, added: 'Golden Gate represents a paradigm shift in urban development. We aim to deliver an integrated experience that redefines commercial and administrative communities, with a strong focus on environmental sustainability and catering to a wide range of users. Featuring international-grade commercial and administrative units, the project is designed to attract both local and international investments and serve as a hub for major banks and companies. The financing will cover part of the first phase's investment cost of approximately EGP 24.3 billion, spanning 178,000 square meters of built-up area. This reflects trust in our long-term strategic vision and a successful model of cooperation between the real estate and banking sectors.' For his part, Mr. Hazem Hegazy, CEO and Vice Chairman 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. We believe syndicated loans offer a vital platform to stimulate investment in projects with direct economic and social impact. Our commitment to integrated financing solutions underscores our support for sustainable growth, infrastructure enhancement, and improved quality of life in Egypt's new cities, in line with the country's urban expansion vision.' Likewise, Mr. 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, in alignment with the state's efforts to fund major projects, empower the private sector, and create job opportunities, thereby supporting the goals of sustainable development.' Mr. 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. We are proud to participate in this banking alliance and to support the financing of a project of this scale and significance.' Meanwhile, Mr. Amr El Shafei, CEO and Managing Director of Emirates NBD Egypt, also remarked: 'We are proud to announce this landmark agreement with our valued partner, Redcon Properties. This deal represents a major step forward in our strategic collaboration and stands as a testament to the trust and shared vision that define our relationship.' He added: "Such impactful and successful deals align with our strategic objectives, reinforce our competitive position, and fuel sustainable growth. It enhances our position as a trusted banking partner that supports its clients' ambitions and showcases our commitment to driving economic and urban development in Egypt.' The financial alliance, led by FABMISR, reinforces Golden Gate's position as one of East Cairo's most prominent mixed-use developments. Strategically located in the heart of New Cairo, the project features a 1.2-kilometer frontage on South 90 Street—directly opposite the American University in Cairo (AUC)—and is just 400 meters from the nearest monorail station, ensuring seamless connectivity with the area's modern infrastructure. Golden Gate offers an exceptional retail and leisure experience and includes one of Egypt's largest underground parking facilities, spanning 250,000 square meters over two levels. Embracing cutting-edge sustainability standards, the project reduces service costs by 40% and stands as the country's largest green, mixed-use development. Redcon Properties is partnering with leading local and international entities to implement smart, clean energy management solutions. 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. About REDCON properties: REDCON Properties was established in 2019 as the development arm of REDCON Group, specializing in mixed-use real estate projects. The Company operates with sustainability as its core value, where it leads the Egyptian real estate sector in the implementation of sustainable building and green architecture, with Golden Gate as its first flagship project. REDCON Properties derives its heritage from 30 years of experience with REDCON Constructions, which delivered more than 200 projects, among which are El Alamein Towers, Maspero Towers, Mansoura University, ABB, Pharco, Electrolux, First Abu Dhabi Bank – the Company's first green building that received a LEED silver certificate for its leadership in energy-saving designs and conservation of the environment.
