A banking consortium has successfully secured Palm for Urban Development, a subsidiary of Palm Hills, a substantial long-term syndicated loan totaling EGP 10.3 bn, Invest-Gate reports.

The primary objective is to partially fund the investment expenses related to the “Badya” urban project in New October City.

The alliance comprises Banque Misr, serving as the lead arranger, finance marketer, finance agent, account bank, and intermediary account bank; the National Bank of Egypt, acting as the lead arranger and finance marketer; Banque du Caire, functioning as the lead arranger, finance marketer, and debt service amortization account bank; Emirates NBD, taking the role of lead arranger and security agent; Abu Dhabi Commercial Bank and Al Baraka Bank as arrangers; Al Ahli Bank of Kuwait – Egypt as an additional arranger; and the Industrial Development Bank as the lender.

The signing ceremony was graced by Hisham Okasha, CEO of Banque Misr, and Soha El Turky, Deputy CEO of the National Bank of Egypt. Noteworthy figures present at the joint financing agreement included Mohamed Khairat from Banque Misr, Sherif Riad from the National Bank of Egypt, Mohamed Shaker from Banque du Caire, Tamer Ragheb from Emirates NBD – Egypt, Hisham Abbas from Abu Dhabi Commercial Bank, Hazem Hegazy from Al Baraka Bank, Khaled El Salawy from Al Ahli Bank of Kuwait – Egypt, and Hussein Refaie from the Industrial Development Bank. Representing Palm Hills were Ali Thabet, Chief Financial Officer, and Amr Mahfouz, Vice President of Development.

This event took place on October 2, 2024, with prominent representatives from the banks and the company in attendance. Helmy, Hamza & Partners – Baker McKenzie acted as the legal counsel for the banks, while Matouk Bassiouny represented Palm Hills.

It is worth noting that this financing stands as the largest loan ever extended to private sector real estate development firms in the Egyptian market. This underscores the banks’ deep trust and confidence in the pivotal role played by the “Badya” City project in bolstering the national economy and creating fresh employment opportunities.
Situated in New October City, the “Badya” City project ranks among the most significant investment ventures in the real estate domain. It is the inaugural sustainable city in Egypt aligned with the United Nations Sustainable Development Goals and the premier smart city in West Cairo, covering an expansive area of around 3,000 feddans.
Strategically positioned near the Giza Pyramids and the new Sphinx International Airport, and just a 45-minute drive from the New Administrative Capital, this project serves as a vital link between West and East Cairo.