First Abu Dhabi Bank Egypt (FAB Egypt) has led a EGP 4.2 bn syndicated loan to support the development of Redcon Properties’ flagship commercial and administrative project, Golden Gate, in New Cairo, Invest-Gate reports.

FAB Egypt acted as the mandated lead arranger, facility agent, security agent, and account bank. Al Baraka Bank Egypt and Abu Dhabi Commercial Bank served as lead arrangers, while Arab Bank and Emirates NBD Egypt participated as lenders. Matouk Bassiouny & Hennawy served as legal advisor to the lenders.

The financing was oversubscribed by 1.2x, prompting the activation of the greenshoe option to increase the facility from EGP 3.5 bn to EGP 4.2 bn.

“This financing reflects our ongoing strategy to support visionary real estate projects,” said Mohamed Abbas Fayed, CEO and Managing Director of FAB Egypt. “We’re proud to lead a transaction that supports sustainable urban development and reinforces our confidence in Egypt’s market and local developers.”

Redcon Properties Chairman Tarek El Gammal said the long-standing partnership with FAB Egypt strengthens the company’s ability to deliver the project according to global standards. “This reflects the trust our banking partners have in our institutional strength and in the Golden Gate project,” he added.

Redcon CEO Ahmed Touni highlighted that the first phase of Golden Gate, with an investment cost of EGP 24.3 bn and built-up area of 178,000 sqm, will redefine commercial and administrative communities with a focus on environmental sustainability.

Executives from participating banks echoed the project’s strategic value and affirmed their commitment to financing impactful real estate ventures in Egypt.