Tatweer Misr, one of the leading real estate development companies in Egypt, and Arab African International Bank (AAIB), one of the most prominent banking institutions in Egypt signed a medium-term facility contract worth EGP 3.5 billion, to partially finance the investment cost and expediate the construction progress of “IL Monte Galala” in Ain Sokhna, and “Bloomfields” in Mostakbal City.
The signing event was attended 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 Projects & Board Member of Tatweer Misr and Mr. Mohab Saad, Vice President Finance & 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 attendees from both entities.
The Arab African International Bank acted as the initial mandated lead arranger, underwriter, facility agent, and security agent of the transaction. With the collaboration of Matouk Bassiouny & Hennawy law firm acting as AAIB’s legal advisor and Sarie El-Din and Partners law firm acting as Tatweer Misr’s legal advisor.
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 & 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.
Dr. Ahmed Shalaby, President & CEO of Tatweer Misr highlighted that "Obtaining a medium-term facility of EGP 3.5 billion reflects the banking sector's trust in our company and its ability to meet its commitments, It also demonstrates the company's confidence in the Egyptian real estate market's future and its ongoing commitment to enhance its investments contributing to the flourishment of the country's economy and the continuous creation of job opportunities. We also seek to accelerate the pace of construction works within our projects and operate our non-residential portfolio that ensures the creation of a vibrant lifestyle within the real estate projects in addition to recurring income to developers”
Mr. Tamer Khalifa, Deputy Managing Director of AAIB, emphasized that “The leading role of AAIB in financing real estate developers, relies on our expertise in offering comprehensive liquidity solutions needed for the execution of real estate projects and providing credit facilities that cater to the needs of the developers to establish an integrated urban and touristic communities in line with the vision of Egypt 2030. This facility is a reflection of our belief in the importance of the role played by the Egyptian banks in supporting the real estate sector, being one of the key sectors contributing to the Egyptian economy.”
Mr. Mohab Saad, Vice President Finance & Operations of Tatweer Misr, praised the cooperation with the team at AAIB that supported in arranging the facility contract with the best terms available in the Egyptian market, which enhances the financial solvency of the company, emphasizing that Tatweer Misr is diversifying it source of funding with the aim of expediting the construction process across its various projects with the best financing tools available.Meanwhile, Dr. Amani Samir, Head of Corporate and Institutional Banking of AAIB said: "We are pleased to collaborate with Tatweer Misr in the company’s first structured finance transaction." She continued, “We anticipate expanding our framework of cooperation with Tatweer Misr to include providing other finance and banking products.” She also praised the level of professionalism of both the bank and company’s teams which culminated in the completion of this facility.”
