Ora Developers Egypt, a leading real estate developer, announced that it has successfully secured an additional financing of EGP 4 billion as part of the existing syndicated loan for the “ZED El Sheikh Zayed” project in West Cairo. The financing comes through a banking consortium of four of Egypt’s largest banks, led by Banque Misr as the Initial Mandated Lead Arranger, Underwriter, Facility Agent, Security Agent, and Account Bank, alongside Emirates NBD Egypt, Housing and Development Bank, and the Export Development Bank of Egypt as Mandated Lead Arrangers and Underwriters. This brings the total syndicated financing to EGP 9 billion, Invest-Gate reports.
Financing Agreement Signing Ceremony
The financing agreement signing ceremony was attended by Eng. Naguib Sawiris, Chairman of Ora Developers Group; Mr. Haitham Abdel Azim, CEO of Ora Developers Egypt; Mr. Hisham Okasha, CEO of Banque Misr; Mr. Yehia Aboul Fotouh, CEO and Managing Director of Housing and Development Bank; Mr. Amr El Shafey, CEO and Managing Director of Emirates NBD Egypt; and Mr. Mohamed Shawky, Vice Chairman of the Export Development Bank of Egypt, along with a distinguished group of senior executives from the participating banks and the company.
Purpose of the Additional Financing
The additional financing aims to accelerate work on the remaining phases of the “ZED El Sheikh Zayed” project, one of Ora Developers Egypt’s leading mixed-use developments, following the successful delivery of its first phases over the past two years. The project spans 165 feddans in Sheikh Zayed City and includes integrated residential, commercial, administrative, entertainment, and sports components built to the highest international standards. The additional financing will ensure the project is delivered according to the targeted timelines, enhance its investment value, and meet the growing demand for integrated real estate developments.
Statements by Naguib Sawiris
Eng. Naguib Sawiris, Chairman of Ora Developers Group, expressed his pride in this partnership, saying: “I am proud of our partnership with Banque Misr, which has extended for more than 25 years across our various projects. I also value the cooperation with the other banking institutions in the consortium, which represent a key pillar in supporting urban development plans and driving investment. Increasing the syndicated financing for the ZED El Sheikh Zayed project reflects confidence in the strength of the Egyptian market and the promising growth opportunities it offers. It also confirms the importance of cooperation between the financial and real estate sectors in supporting major development projects. We see this step as more than just financing, but as a strategic partnership that contributes to creating sustainable economic and urban value.”
He added: “The tremendous work achieved at ZED El Sheikh Zayed over the past years, from construction and delivery rates to building a vibrant integrated community, confirms the success of our vision to develop projects that improve quality of life and add real value to the Egyptian market. We will continue investing in world-class projects that align with the state’s urban expansion vision and contribute to building sustainable communities for future generations.”
Statement by the CEO of Ora Developers Egypt
Mr. Haitham Abdel Azim, CEO of Ora Developers Egypt, said: “This additional financing will help accelerate work on the remaining phases of the ZED El Sheikh Zayed project according to the highest international standards, supporting the completion of an integrated urban community that meets customers’ expectations and keeps pace with the rapid growth of the Egyptian real estate sector. This comes based on the project’s tangible achievements since its launch, especially the delivery of its first phases over the past two years. Ora Developers Egypt continues to develop integrated urban communities that raise quality of life standards, relying on its local and international expertise and its successful record in delivering major projects, supporting the state’s vision for urban expansion and sustainable development, while remaining committed to completing the project and delivering it according to the planned schedule.”
Statement by Banque Misr
Mr. Hisham Okasha, CEO of Banque Misr, confirmed that Banque Misr’s leadership of this banking consortium to arrange the additional syndicated financing for Ora Developers Egypt comes as part of the bank’s commitment to supporting major projects with economic and development value, especially the real estate sector as one of the key sectors supporting economic growth. This is achieved by providing the necessary financing for major projects that contribute to driving development, enhancing investments, and achieving the state’s economic development goals.
He added that Banque Misr continues to strengthen its leading position in arranging and marketing syndicated loans by providing integrated financing solutions that meet clients’ needs across various economic sectors, supporting sustainable development plans and the Egyptian state’s vision. He also praised the fruitful cooperation between the teams of the participating banks, which reflects professionalism and efficiency in executing syndicated financing, stressing that well-trained banking professionals remain a key pillar in the success of financing operations and supporting major development projects.
Statement by Housing and Development Bank
Mr. Yehia Aboul Fotouh, CEO and Managing Director of Housing and Development Bank, confirmed that the bank’s participation in this banking consortium reflects its commitment to supporting and financing major investment projects by building strategic partnerships with leading banking institutions and providing integrated financing solutions that meet market needs and support growth and expansion plans.
He added that Housing and Development Bank continues to implement a strategy aimed at diversifying its financing portfolio and strengthening its partnerships with various economic sectors, supporting its position in the Egyptian banking market and enhancing its role as a key partner in supporting urban development and financing real estate and investment projects, in line with its mission and development vision.
He stressed that syndicated financing represents a successful model of cooperation between Egyptian banks and reflects the strength of the banking sector and its ability to use its expertise and capabilities to finance strategic projects, enhancing investor confidence, supporting the implementation of major investment projects, and keeping pace with the state’s direction toward achieving sustainable economic development.
Statement by Emirates NBD Egypt
Mr. Amr El Shafey, CEO and Managing Director of Emirates NBD Egypt, said: “We are proud of our long-standing strategic relationship with Ora Developers and Eng. Naguib Sawiris, which represents a successful model of long-term partnerships built on mutual trust, shared vision, and commitment to achieving sustainable results. This cooperation is an extension of a successful journey of joint work that has resulted in many successful projects and transactions, reflecting the bank’s position as a trusted banking partner for leading companies and institutions in the Egyptian market.”
Statement by the Export Development Bank of Egypt
Dr. Ahmed Galal, Chairman of the Export Development Bank of Egypt, confirmed that the bank’s participation in this syndicated financing comes as part of its strategy to support major development projects with sustainable economic impact and strengthen its role as a key partner in financing vital sectors that contribute to driving economic growth.
He added that the real estate sector is one of the main drivers of the Egyptian economy due to its connection with many industries and economic activities, confirming the Export Development Bank of Egypt’s commitment to providing innovative financing solutions that meet clients’ needs and support project implementation according to the targeted timelines.
Dr. Ahmed Galal pointed out that the success of this banking consortium reflects the strength of cooperation and integration among Egyptian banking institutions, contributing to achieving sustainable development goals and the state’s vision for enhancing investment and developing urban communities. He also confirmed the bank’s continued developmental role by supporting projects with economic feasibility and added value to the national economy.
Strategic Partnership
This financing reflects the strategic partnership between Ora Developers Egypt and the participating banks, combining Ora’s vision of developing integrated urban projects that improve quality of life with the banks’ commitment to supporting development projects with economic impact, through their role in providing financing solutions that contribute to driving sustainable development and supporting the state’s plans to strengthen the national economy.