As part of supporting major real estate projects and strengthening urban development efforts in Egypt, Al Ahly Sabbour announced the signing of a long-term syndicated financing agreement in partnership with the Commercial International Bank – Egypt (CIB) and Suez Canal Bank, with a total value of EGP 4.4 billion to finance and develop the “Summer” project on the North Coast, located in East Sidi Heneish – Ras El Hekma, Invest-Gate reports.

Signing Ceremony

The agreement was signed in the presence of Eng. Ahmed Sabbour, Chairman of Al Ahly Sabbour Developments; Mr. Amr El Ganainy, Deputy CEO and Executive Board Member of Commercial International Bank – Egypt (CIB); and Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, along with a number of senior officials from all parties involved in the transaction, confirming the strong cooperation and integration between the private sector and banking institutions in supporting major projects.

The financing is expected to accelerate construction works at the “Summer” project in East Sidi Heneish – Ras El Hekma, supporting the company’s commitment to delivering the project according to the highest quality standards and targeted timelines, while strengthening its vision of developing integrated communities that meet customers’ expectations and provide sustainable investment value.

Roles of the Banks

Under the agreement, Commercial International Bank – Egypt (CIB) acted as the First Initial Mandated Lead Arranger, Facility Arranger, Facility Agent, and Account Bank, while Suez Canal Bank acted as the First Initial Mandated Lead Arranger, Facility Arranger, Security Agent, and Escrow Account Bank. Sarie Eldin & Partners Legal Advisors acted as the legal advisor to the lenders.

The financing tenor is approximately six years, reflecting the Egyptian banking sector’s ability to structure financing solutions that support major real estate projects and keep pace with Egypt’s urban development plans.

Statement by Ahmed Sabbour

In this regard, Eng. Ahmed Sabbour, said:

“This financing agreement reflects the strength of our relationship with the Egyptian banking sector, which is a key partner in supporting our expansion plans and implementing our ambitious projects. This financing confirms the confidence of financial institutions in Al Ahly Sabbour and its long record of meeting its commitments. It also strengthens our ability to accelerate the execution of the ‘Summer’ project, one of the company’s largest coastal destinations, which is being developed on approximately 434 feddans at Kilometer 246 on the Alexandria–Marsa Matrouh Road in the Sidi Heneish area on the North Coast. The project includes a group of residential communities, services, and facilities, providing a year-round living experience that combines luxury, nature, and a modern lifestyle, in line with the state’s vision for urban expansion and sustainable development.”

Statement by Amr El Ganainy

Mr. Amr El Ganainy, stated that the bank, as a strategic banking partner, is committed to providing financial and financing solutions specially designed to support the real estate development sector in line with market needs and growth plans.

He pointed out that the bank places supporting projects that create direct and indirect job opportunities and achieve balanced development in new cities at the top of its priorities, supporting the state’s urban development plans and strengthening the Egyptian economy’s ability to achieve comprehensive growth.

He added: “We reaffirm our continued commitment to supporting the real estate development sector as one of the key drivers of economic growth, and Al Ahly Sabbour as one of the sector’s pioneers with its long-term experience.

We continue to direct our expertise and financing capabilities toward projects that stimulate economic activity, attract more investments, and enhance added value across different sectors. We are committed to continuing the development of specialized banking solutions that keep pace with market developments and support the bank’s vision of being the financial partner for leading institutions and strategic projects in Egypt.”

Statement by Akef El Maghraby

In this context, Mr. Akef El Maghraby, said:

“The bank’s participation in arranging this syndicated financing comes as part of the bank’s strategy to expand its syndicated and structured finance activities and strengthen its role as a key partner in financing major projects with economic and developmental impact.”

He confirmed that the bank gives special attention to the real estate development sector because it is a major driver of economic growth, supports urban development, creates job opportunities, and stimulates related economic activities, in line with the state’s direction toward sustainable development and urban expansion, especially in promising investment and tourism areas.

He also explained that this transaction is an extension of the strategic relationship between Suez Canal Bank and Al Ahly Real Estate Development Company, as the bank had previously provided bridge financing for the first phase of the Summer project, reflecting its confidence in the company and the quality of the project.

He pointed out that this transaction reflects Suez Canal Bank’s continued success in strengthening its position as one of the leading banks in syndicated and structured finance and confirms its strong track record and accumulated expertise in structuring, arranging, and managing complex financing transactions according to the best banking practices, strengthening its role as a trusted financing partner in implementing major strategic projects and supporting sustainable economic development.

Al Ahly Sabbour’s Growth Strategy

This financing comes as an extension of Al Ahly Sabbour Developments’ journey in delivering distinctive projects based on selecting strategic locations with long-term investment value, while adopting a forward-looking vision based on entering promising urban destinations from their early stages, making the company one of the first developers in a number of Egypt’s most important urban growth areas.

With a portfolio of more than 65 projects covering 4,381 feddans and over three decades of experience, Al Ahly Sabbour continues to develop integrated communities that place quality of life and sustainability at the core of its vision, strengthening its position as a key partner in supporting urban development in Egypt and the region.