Tatweer Misr, one of the leading real estate development companies in Egypt, signed a medium-term facility contract worth EGP 3.5 billion with the Arab African International Bank (AAIB), one of the most prominent banking institutions in Egypt, to accelerate the Pace of Construction of two of Tatweer Misr’s projects, “IL Monte Galala” in Ain Sokhna, and “Bloomfields” in Mostakbal City.
The contract was signed by Dr. Ahmed Shalaby, President and CEO of Tatweer Misr, and Mr. Tamer Khalifa, Deputy Managing Director of the Arab African International Bank, in the presence of Eng. Baher Ayoub, Senior Vice President, CEO of Projects and board Member of Tatweer Misr, Mr. Mohab Saad, Vice President of Finance and operations of Tatweer Misr, Dr. Amani Samir, Head of the Corporate and Institutional Banking of the Arab African International Bank & Mr. Khaled Shalkamy, Team Leader – Large Corporate of the Arab African International Bank in addition to a number of executives from both entities.
The Arab African International Bank will market finance to numerous banks that operate in the Egyptian market under the terms of this contract, taking on the roles of first principal including lead arranger, coverage guarantor, facilitation agent, and guarantee agent. Notable legal advisories include Matouk Bassiouny and Hennawy for AAIB and the office of Sarie El-Din and Partners for Tatweer Misr.
AAIB will provide a medium-term facility to Tatweer Misr, which has a portfolio of mega projects in all strategic locations in the Egyptian real estate market, most notably east and west of Cairo, Ain Sokhna, and the North Coast. The company plans to use the facility to accelerate the pace of construction works in Both IL Monte Galala and Bloomfields projects, as part of the company’s strategy to deliver upon their promises to their clients and provide real estate products that ensure the creation of added value for its clients, shareholders, and partners in the Egyptian market.
