Egypt’s real estate developer Al Arabia for Real Estate Development (ARCO) has succeeded in obtaining a new loan, Invest-Gate reports.

The company has obtained a structured long-term facility of up to EGP 1 bn from Arab African International Bank (AAIB) to finance its new development projects, according to law firm Sarie-Eldin & Partners.

Within five years, ARCO has expanded its total investment in Egypt to EGP 32 bn, while maintaining a project schedule of five launched projects and six currently under construction.