Egyptian developer PACT for Real Estate has recently acquired a loan from the Arab Investment Bank, with a total value of EGP 120 mn, Invest-Gate reports.

Through this strategic alliance, the company will be able to maintain the construction progress at its North Coast project, White Bay in Sidi Heneish, and ensure on-time delivery of all four phases.

In its efforts to support the real estate industry, the bank is financing the development of major projects that mainly introduce smart, premium quality solutions to the market.

According to officials at the bank, this loan does not only accelerate the development of White Bay, it also reflects PACT’s serious approach towards its set schedule and ability to resist risks.

White Bay comprises 660 residential units spanning across 80 acres, with a variety of villas, twin houses, and chalets that range from 120 to 550 square meters.

The project’s cutting edge architecture reflects the functions and technologies offered, including pre-paid electricity and water options, lighting and air conditioning controlled by smart phones, inclusive Wifi coverage throughout the entire compound, in addition to modern amenities, housekeeping, and property management.

Commenting on the alliance, PACT’s President Mohamed Gamal said, “Our commitment to establish a new era of smart homes allows us to partner with institutions that espouse the same values. Concluding such an agreement with the Arab Investment Bank reinforces our stable position as developers of this kind of solutions; it is an excellent step for us at this stage.”