Dubai-based leading real estate developer Al-Futtaim Properties signs an agreement with four banks to borrow EGP 125 bn (USD 69.9 mn) and finance part of the second phase of a giant project east of Cairo, Invest-Gate reports.
The company has agreed with the Commercial International Bank (CIB), the Arab African Bank, Abu Dhabi National Bank and the Arab Bank to borrow EGP 1.25 bn, a source told Reuters over the phone.
The loan is equally distributed between the four banks and will be paid over a period of 10 years. It will contribute to concluding the second phase of Cairo Festival City which includes several hotel and administrative projects in New Cairo.
Al-Futtaim Egypt started construction works of Cairo Festival City in 2008. The project is established on an area of three mn square meters and includes a commercial center, an administrative area, two hotels, schools, medical institutions and residential units.