As part of Banque Misr’s leading role in supporting the Egyptian economy, the bank has recently signed an escrow account contract with MIDAR, the master developer of “Mostakbal City” and “MADA” in New Cairo, and Sixth of October Development and Investment Company – SODIC, a leading real estate developer, Invest-Gate reports.
The agreement is for the Eastvale project, SODIC’s latest development in “MADA” City in New Cairo, aiming to establish an escrow account that regulates and facilitates financial flows among the three parties, thereby enhancing financial performance efficiency and supporting the precise and well-organized achievement of their joint project objectives.
This collaboration comes within Banque Misr’s commitment to providing innovative banking solutions that enhance financial efficiency and maximize the benefits of modern digital services.
Signing Ceremony Attended by Senior Executives
The signing ceremony was attended by Mr. Hisham Okasha, CEO of Banque Misr; Eng. Ayman El Kousy, Managing Director and CEO of MIDAR; Eng. Ayman Amer, General Manager of SODIC; Mr. Ahmed ElKady, Chief Global Transaction Banking officer at Banque Misr; Mr. Amr Demerdash, Head of Corporate Banking and Syndicated Loans at Banque Misr; along with a number of senior executives from Banque Misr, MIDAR, and SODIC.
Mr. Hisham Okasha, CEO of Banque Misr, affirmed that the bank’s participation in this event aligns with its strategy to keep pace with the rapid technological developments in digital banking services. The bank will act as the account agent, managing the project’s collections and payments through a comprehensive suite of integrated digital banking solutions and products.
He also highlighted that Banque Misr is always keen on integrating the latest technological services and solutions across its operations, in line with global digital transformation standards, reflecting its belief in the pivotal role technology plays in keeping up with the rapid developments in Egypt’s banking sector.
The bank continues to develop its services and products to meet customer needs in alignment with market requirements in general, and the real estate development sector in particular.
Okasha added that signing this agreement extends the strategic relationship with these companies and reinforces the bank’s role in the payments sector by facilitating commercial transactions and providing secure and fast payment methods, in addition to offering efficient electronic payment channels as convenient alternatives for customers.
This significantly contributes to supporting financial inclusion goals and accelerating the pace of digital transformation.
Strategic collaboration to Enhance Trust and Investment
For his part, Eng. Ayman El Kousy, Managing Director and CEO of MIDAR, expressed his pride in the fruitful collaboration with Banque Misr and SODIC, noting that launching an escrow account in cooperation with Banque Misr represents an important step toward enhancing transparency and organizing real estate project management, ensuring the rights of all parties and strengthening investor confidence in the Egyptian market.
El Kousy explained that MIDAR’s cities enjoy strong confidence from the Egyptian banking sector, which supports opportunities for joint cooperation, especially given the shareholder structure that includes major financial and economic institutions in Egypt, led by Banque Misr.
He emphasized that this collaboration represents a strong boost to supporting Egypt’s efforts toward achieving comprehensive and sustainable urban development in line with the best global standards.
He also noted that the partnership with SODIC to develop the Eastvale project in “MADA” City in New Cairo reflects MIDAR’s success in attracting leading real estate developers and regional and international investors to inject investments into its cities, further strengthening its position as one of the most prominent investment destinations in Egypt’s real estate market.
Commenting on this step, Eng. Ayman Amer, General Manager of SODIC, stated: “Our collaboration with Banque Misr, one of the largest and most prestigious banks in Egypt, in signing the escrow account agreement reflects the strength of this partnership and marks a new step within our long-term strategic alliance.
The agreement aims to develop the Eastvale project, the first fully integrated community in Egypt focused on enhancing quality of life and embedding sustainability concepts, within ‘MADA’ City, one of the most prominent future integrated urban communities in New Cairo.”
Eastvale Project Details and Strategic Location
The master plan for the Eastvale project has been developed by the global firm EDSA. The project spans 500 feddans and represents a pivotal step in SODIC’s strategic expansion in East Cairo. It has been designed as a fully integrated and sustainable community with a primary focus on enhancing quality of life, a vision that is reflected across all elements of the master plan.
The project is centered around a main axis known as the “Wellness Boulevard,” which includes a curated selection of premium healthcare facilities, along with restaurants, water features, and green spaces, creating a fully integrated healthy environment focused on customer needs for a healthier and more balanced lifestyle.
It is worth noting that “MADA” City is MIDAR’s latest development and one of Egypt’s most prominent fifth-generation cities, spanning 5,800 feddans (equivalent to 25 million square meters). It enjoys a unique strategic location in the heart of New Cairo, near the New Administrative Capital and Cairo International Airport, and at the intersection of major roads and axes such as Al Amal Axis, Cairo–Suez Road, and South Mostakbal Road, which connects the Regional Ring Road and the Middle Ring Road.
Banque Misr continues to strengthen its success and actively participate in services, initiatives, and protocols aimed at delivering solutions that meet the needs of all customer segments, as its values and business strategies consistently reflect its commitment to sustainable development and prosperity for Egypt.