Dubai – Masaader News
Egyptian International Construction Company and Taj Misr Developments announced the signing of a EGP 990mn medium-term loan with SAIB Bank to finance part of the investment cost of «Taj Tower» in the New Administrative Capital, with a total value of EGP 4.8bn.
The agreement was signed by Mr. Mostafa Khalil, Chairman and Managing Director of The Egyptian International Construction Company and Taj Misr Developments, and Mr. Afdal Naguib, CEO and Managing Director of SAIB Bank.
The signing ceremony was attended by Mr. Tarek Abdo, Deputy Managing Director for Business and Banking Sectors at the bank, and Ms. Amani Samir, Assistant Managing Director for Central Credit and Investment Sectors, along with a number of members of the bank’s senior management and representatives of the company’s executive management.
Mr. Mostafa Khalil, Chairman and Managing Director of Egyptian International Construction Company and Taj Misr Developments, stated that the cooperation with SAIB Bank, one of the largest banks operating in the Egyptian banking sector, will contribute to advancing the implementation of Taj Tower project in the New Administrative Capital.
Khalil pointed out that the company believes in the importance of integration between the banking sector and companies operating in the Egyptian market, which will in turn contribute to supporting the national economy. He explained that the contract includes financing Taj Tower project, a commercial and administrative tower on plot number 14-CN in the MU7 area in the New Administrative Capital. The tower is located on the main northern Mohammed bin Zayed axis and is distinguished by its strategic location directly opposite the iconic tower.
He pointed out that the company has successfully completed 35% of the construction of the tower, which spans over of 8,000 square meters. He added that they are planning to start delivering by 2027.
Mr. Afdal Naguib, CEO and Managing Director of the bank, said that the financing comes within the framework of the bank’s efforts to support and develop major real estate projects through leading companies in the Egyptian real estate market, such as the Egyptian International Construction Company.
This is especially true in light of the state’s interest in these projects, which contribute to creating new job opportunities and stimulating many industries related to real estate development.
Naguib emphasized that this agreement is part of the bank’s commitment to diversifying its financing tools and expanding its customer base, noting that Through this step, the bank seeks to strengthen strategic partnerships and provide innovative financing solutions that contribute to driving economic growth.
He also noted that the bank’s strategy and expansion plan aim to give full priority to various credit sectors, with a focus on financing various major labor-intensive development projects that support the state’s plans to achieve Egypt’s Vision 2030.