A banking alliance including Banque Misr, as the Initial Mandated Lead Arranger, Financing Arranger, Facility Agent, Account Bank and Collection Account Bank, in cooperation with the National Bank of Egypt, as the Initial Mandated Lead Arranger, Financing Arranger, Security Agent, Debt Service Reserve Account Bank and Documentation Bank, successfully arranged a long-term joint financing facility with a total value of EGP 8 billion in favor of Palm Hills for Real Estate Investment and Development, one of Palm Hills Developments Group companies, the leading company in luxury real estate development in Egypt, to support the completion of the current and future development phases of “Palm Hills New Cairo” and accelerate construction works in line with the project’s continued growth and increasing demand, Invest-Gate reports.

Signing the Financing Agreement in the Presence of Bank and Company Leaders

The financing agreement was signed on Wednesday, August 19, 2026, in the presence of Mr. Hisham Okasha, Chief Executive Officer of Banque Misr, Ms. Soha El Turky, Deputy Chief Executive Officer of the National Bank of Egypt, Mr. Yasseen Mansour, Chairman and Chief Executive Officer of Palm Hills Developments Group, Mr. Hazem Badran, Co-Chief Executive Officer and Managing Director of Palm Hills Developments, Mr. Ali Thabet, Chief Financial Officer of Palm Hills Developments, Mr. Amr El Demerdash, Head of Corporate Credit and Syndicated Loans at Banque Misr, and Mr. Sherif Riad, Executive Head of Corporate Banking and Syndicated Loans at the National Bank of Egypt, along with a number of senior bank and company leaders.

The Banks’ Contributions to the Financing

The financing comes with the participation of Banque Misr and the National Bank of Egypt, with a share of EGP 4 billion for each bank. It aims to finance part of the investment cost of “Palm Hills New Cairo”, which is built on an area of approximately 500 feddans and is considered an integrated urban development and one of the main projects of Palm Hills Developments in East Cairo. It includes a variety of residential units, including villas and buildings, in addition to a services area, commercial and administrative units, and a sports and social club.

Hisham Okasha’s Comments on Supporting Major Real Estate Projects

Mr. Hisham Okasha, Chief Executive Officer of Banque Misr, said that Banque Misr’s participation in arranging this financing comes as part of the bank’s commitment to supporting major real estate and urban development projects, given the sector’s strategic importance to the Egyptian economy and its role in stimulating economic activities and providing job opportunities, in line with the state’s urban development plans according to Egypt’s Vision 2030.

Integrated Financing Solutions to Support Companies’ Plans

Okasha added that Banque Misr is keen to use its banking expertise and capabilities and provide integrated financing solutions that meet companies’ needs, while strengthening cooperation with banking institutions and major companies, supporting the implementation of their investment plans and contributing to achieving economic and sustainable development goals.

Strengthening the Banking Sector’s Role in Financing Investments

He stressed that the bank’s participation in this financing comes in line with its strategy to support major projects and strengthen the role of the banking sector in financing investments with economic and development impact, contributing to driving development and providing innovative financing solutions that meet the needs of institutional and corporate clients across different sectors.

Soha El Turky’s Comments on Supporting Real Estate Development Companies

Ms. Soha El Turky, Deputy Chief Executive Officer of the National Bank of Egypt, stated that the bank gives special importance to supporting real estate development companies and is keen to support and assist real estate developers in light of the challenges facing the real estate market. She added that the financing agreement, valued at EGP 8 billion, is an extension of the real estate sector projects supported by the bank, which are in line with its strategy to support economic sectors that have positive results on the economy, such as the real estate sector, due to its connection with a large number of industries and activities, as well as intermediate industries, in order to provide more job opportunities in different fields and practically support development plans.

Praise for Cooperation Between the Two Banks and Completion of the Financing

Soha praised the role of the teams from both banks in conducting the necessary studies for such financing with high efficiency, as well as the fruitful cooperation between Banque Misr and the National Bank of Egypt, which resulted in successfully completing the financing, through the various financing methods provided by the bank, whether for individuals through residential unit financing, or for real estate developers in line with the needs of different segments.

Banking Sector Confidence in Palm Hills’ Financial Strength

Mr. Yasseen Mansour, Chairman and Chief Executive Officer of Palm Hills Developments Group, stated that this financing reflects the banking sector’s confidence in the group’s strong financial position and its ability to implement major urban development projects.

Accelerating Construction and Supporting Future Expansion

Mansour added that the financing will support the project’s future expansion while accelerating construction works at Palm Hills New Cairo, one of the company’s main projects in East Cairo, in line with the increasing demand for it. It will also contribute to ensuring the implementation of the company’s vision of delivering units to customers ahead of the scheduled dates, while completing the various components and services of the project according to the highest quality standards. This facility also reflects the confidence of major financial institutions in Palm Hills Developments, its strength and the quality of its projects and assets, and its ability to complete projects that create sustainable value for customers while also contributing to Egypt’s urban and economic development.

The Importance of Partnership Between the Banking and Real Estate Sectors

Mansour added that cooperation with Banque Misr and the National Bank of Egypt confirms the importance of the partnership between the banking and real estate sectors in supporting major projects and urban development plans. He pointed out that the group continues to focus on increasing execution rates across its projects and improving the efficiency of its investment deployment, supporting its sustainable growth plans and its ability to meet its commitments to customers, while continuing to develop integrated urban communities that create sustainable long-term value.

A Successful Model of Cooperation Between the Banking and Real Estate Sectors

This transaction represents a successful model of cooperation between the banking and real estate sectors, reflecting the key role of financial institutions in supporting major investments and enabling urban development projects to continue growing and expanding, contributing to supporting the national economy and strengthening confidence in Egypt’s investment climate.