SODIC, Egypt’s leading real estate developer announced the signing of an EGP 7.5 billion Medium Term Facility with Commercial International Bank (CIB) to finance the development of June, SODIC’s flagship project on Egypt’s North Coast along with other project related expenses, invest-gate reports.

June: SODIC’s Miami-Inspired Beachfront Destination

Spanning 280 acres, June is SODIC’s Miami inspired beachfront destination within the up-and-coming Ras El Hekma area on the North Coast, offering its residents and visitors access to a beautiful sandy beach, pristine sea water and a bustling boardwalk and beach club. The development features a curated mix of residential villas and serviced apartments, and is home to the exclusive Tribute Portfolio Hotel by Marriott International, Inc.

The signing ceremony took place at Nobu at Ogami, SODIC’s signature development on the North Coast, and was attended by Ayman Amer, SODIC’s Group General Manager, Amr El Ganainy, CIB’s Deputy CEO & Executive Board Member, alongside senior executives from SODIC and CIB.

Commenting on the signing, Mr. Ayman Amer, SODIC’s Group General Manager, said “Partnering with CIB, one of Egypt’s leading banks, on this strategic facility marks another milestone in our longstanding relationship. The agreement is a testament to the trust we have built with our banking partners and reflects their confidence in SODIC’s ability to consistently deliver on its commitments. We look forward to continuing our collaboration with CIB in supporting SODIC’s growth endeavors”.

Strategic Partnership to Support Growth and Expansion

Amr El-Ganainy, Deputy CEO & Executive Board Member at CIB stated; “This financing comes as part of the long-standing strategic partnership between CIB and SODIC and reflects the Bank’s commitment to supporting the growth and expansion plans of its leading corporate clients by providing integrated financing solutions that meet the needs of their projects and support the execution of their plans.”

He added: “The financing of the development and construction of the June project represents an extension of the Bank’s role in supporting projects with a significant economic impact, contributing to SODIC’s expansion plans and supporting the growth of the real estate and tourism sectors, as vital pillars of the Egyptian economy.

It also reinforces the positioning of the North Coast in general, and Ras El Hekma in particular, which are witnessing significant development as some of Egypt’s most prominent investment and tourism destinations, further enhancing the region’s attractiveness to both local and international investments.”