A banking alliance has concluded a long-term financing contract worth LE1.5b with Arkan Palm for Real Estate Investment to finance part of the investment cost of the company’s first phase of the “205” real estate project in Sheikh Zayed City.
The alliance includes five banks: the Export Development Bank of Egypt (EBE), as the main arranger, general coordinator, and guarantee; the Housing and Development Bank (HDB); the United Bank; Suez Canal Bank, and MID Bank.
The contributions of each bank in the financing came as follows: LE650m from EBE, LE300m from HDB, LE250m from the United Bank, LE 150m from Suez Canal Bank, and LE150m from MID Bank.
Mervat Sultan, Chairperson of EBE, said this co-operation is not the first among the five banks, and will not be the last in the field of corporate finance.
She stressed her appreciation for the distinctive architectural models that Arkan Palm offers, which match the top international architectural models.
Mamdouh Badr El-Din, founder and president of Badr El-Din Group, said that the 205 project is a partnership between the New Urban Communities Authority (NUCA) and Arkan Palm.
He noted that the project will act as a central service area in west Cairo, at the economic, commercial, tourist, recreational, educational, and medical levels, in co-operation with major authorities.
The first phase of the project is about 56 feddan. The project consists of residential buildings, commercial, administrative and recreational units. It also includes a medical area with an international hospital, medical clinics, a nursing home, a school and three hotels. It is located next to the Nile University and directly overlooks the 26th of July axis. It will include a 2-km-long river surrounding the residential area, separating its residential and service parts.
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