Banque Misr and Abu Dhabi Commercial Bank–Egypt (ADCB) have signed a joint long-term loan agreement worth EGP 1.3 bn to finance part of the investment cost for the development of a new hotel under the Casa Cook brand in Hacienda White 1 on Egypt’s North Coast, Invest-Gate reports.

The beneficiary is Middle East for Real Estate and Tourism Investment, a subsidiary of Palm Hills Developments.

The agreement was signed on May 20, 2025, by Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr; Hisham Abbas, Head of Financial Institutions and Corporate Finance at ADCB Egypt; and Aly Thabet, Managing Director for Financial Affairs at Palm Hills.

Khairat said the financing reflects Banque Misr’s strategy to support Egypt’s tourism sector, which he described as vital for the national economy and a key source of foreign currency. “We aim to support sectors that stimulate sustainable development and job creation,” he added, praising the cooperation between the two banks’ teams.

Abbas noted, “This partnership with Palm Hills strengthens our presence in real estate and hospitality, and reinforces our commitment to financing major projects that align with Egypt’s economic goals.” He also expressed satisfaction with the collaboration, citing a shared commitment to professionalism and impact.

Palm Hills CEO Tarek Tantawy welcomed the funding, saying it will accelerate the hotel’s development and enhance the North Coast’s position as a year-round global tourist destination. Aly Thabet affirmed that the deal demonstrates the company’s solid financial standing and aligns with its long-term strategic growth in hospitality.