Tatweer Misr - one of the leading real estate development companies in Egypt- announced receiving EGP 400 million facility from the Commercial International Bank Egypt (CIB) - the largest private sector bank in Egypt.The facility was granted against commercial papers for the delivered units in Fouka Bay project in the North Coast. This step aims to speed up the pace of construction works for the project.
The agreement was signed by Dr. Ahmed Shalaby, President and CEO of Tatweer Misr; and Amr El-Ganainy, Chief Executive Officer of Institutional Banking at CIB in the presence of senior representatives from both sides.
By this facility agreement, Tatweer Misr will benefit from the financial support provided by the banking sector represented in CIB Egypt towards the leading real estate development companies in Egypt by supporting the liquidity of these companies, which allows Tatweer Misr to leverage on its success in delivering the first and second phases of Fouka Bay project in record time.
The facility will partially finance the development and help accelerate the construction of Tatweer Misr’s Fouka Bay project in the North Coast, with the aim of delivering the units of the third and fourth phases during 2023 and 2024, respectively.
“We are thrilled to renew our cooperation with CIB to leverage the financing and advisory services provided by the bank,” said Dr. Ahmed Shalaby, President and CEO of Tatweer Misr. “This cooperation comes to build on our long term fruitful relations with CIB, as we had previously joined forces to promote the educational zone in Bloomfields project, and now we cooperate on a facility of EGP 400 million to accelerate the pace of construction in Fouka Bay project in the North Coast, with the aim of fully completing the project.”
For his part, Mr. Amr El Ganainy, Chief Executive Officer of Institutional Banking at CIB, expressed his happiness in signing this facility agreement amounting to EGP 400 million for Fouka Bay project. He added that this facility goes in line with the bank’s strategy to expand and contribute to the government’s plan for urban development, especially in the Western North Coast.
El Ganainy added that this agreement represents the first of its kind financing transaction between CIB and Tatweer Misr which will be the beginning of a series of financing transactions supported by the company’s commercial papers, with which the bank aims to increase future cooperation with Tatweer Misr in their distinguished real estate projects.
Tatweer Misr launched Fouka Bay project in 2015 in Ras Al-Hikma in North Coast, in cooperation with the Egyptian Company for Urban Development and Tourism Investment, the owner of the land, on an area of 220 acres.
The project is located in a strategic area in the North Coast, 211 km west of Alexandria and only 75 km from Marsa Matrouh. With a unique architectural design making each unit a waterfront unit. This is possible either through the beachfront extending over 800 meters or the Crystal Lagoon. Tatweer Misr succeeded in delivering the first phase of the project in 2019, and the past years have witnessed the successful operation of the project, which was praised by both the residents, and visitors.
About Tatweer Misr
Established in 2014, Tatweer Misr is a leading Egyptian real estate development shareholding company. It involves a vertically-integrated business model with various development fields and an ambitious vision of developing sustainable, smart and happy communities. Built on innovation, sustainability, high quality and creating added value to their clientele, Tatweer Misr currently has four projects in various stages of development and planning. Projects include their award winning flagship project “IL Monte Galala” built on around 545 acres; “Fouka Bay” in the North Coast built on around 220 acres; “Bloomfields”; a mixed-use first home development located in Mostakbal City on an area of 415 acres with a dedicated 90 acres for an educational zone and their latest project “D-Bay” spanning over 200 acres located in Dabaa at the North Coast.
For more information visit: www.tatweermisr.com
About Commercial International Bank S.A.E.
Established in 1975, Commercial International Bank (CIB) is Egypt’s leading private-sector bank. Each of CIB’s 6,500 employees is dedicated to achieving the Bank’s mission: delivering a distinctive customer experience through innovation and big data analytics to provide customer-centric solutions and services that meet their needs. With a well-established network of over 200 branches, first-rate remote channels, and digital solutions, CIB provides individuals, households, high-net-worth individuals, large corporations, or small businesses with exceptional, 24-7 services.CIB has consistently been recognized as the most profitable bank operating in Egypt and the bank of choice for over 500 of Egypt’s largest corporations. CIB was named the World’s Best Bank in Emerging Markets by Global Finance in 2018 and 2020, and it was awarded the same title by Euromoney in 2017. CIB is also the first institution in the Middle East to be the subject of a business case study as part of the London Business School’s curriculum for graduate students. In 2021, Bloomberg included CIB in its “Gender Equality Index”, making it the first company in Egypt and Africa to be listed on the index, which includes 380 companies from 44 countries representing 11 sectors.
