Mashareq Real Estate Investment, a subsidiary of Pioneers Properties for Urban Development (PRE Group), has secured a long-term syndicated loan worth around EGP 1bn to finance the first phase of its commercial and administrative project “Zag East” in New Cairo. The loan was arranged by a banking consortium led by the National Bank of Egypt (NBE), with participation from the Industrial Development Bank and Abu Dhabi Commercial Bank, Invest-Gate reports.
Located on South Teseen Street, “Zag East” features contemporary architectural designs and flexible spaces tailored for both startups and established enterprises, reflecting growing investor confidence in Egypt’s real estate sector.
Mohamed El-Etreby, CEO of the National Bank of Egypt, said he was pleased to lead the syndicate for such a significant project, emphasizing that it reaffirms NBE’s commitment to supporting Egypt’s real estate development and trusted partners like PRE Group. He added that the facility’s value and favorable terms demonstrate strong confidence in Mashareq’s management team and the project’s economic potential.
Waleed Zaki, CEO and Managing Director of PRE Group, expressed appreciation to NBE and participating banks for their confidence in the Group’s vision. He noted that the financing reflects the solid partnership between Egypt’s banking sector and credible developers, adding that “Zag East,” part of the Ivoire East development, will serve as a fully integrated business hub that enhances New Cairo’s commercial landscape and aligns with Egypt’s sustainable urban development goals.
Soha El-Torky, Deputy CEO of NBE, highlighted that the syndication reflects effective collaboration among leading financial institutions. She praised the teamwork with Industrial Development Bank and Abu Dhabi Commercial Bank, noting that the structure of the financing package meets project requirements and safeguards all parties’ interests.
Sherif Riyad, CEO–Corporate Banking, Debt and Structured Finance at NBE, stated that the bank leads the syndicate with a 36.84% share (EGP 350mn), acting as Facility Agent, Security Agent, Documentation Bank, Accounts Bank, and Mandated Lead Arranger. The Industrial Development Bank and Abu Dhabi Commercial Bank each hold a 31.58% share (EGP 300mn). The loan extends over eight years, including a 30-month availability period and a 36-month grace period.
Ehab El-Swerky, CEO and Managing Director of Abu Dhabi Commercial Bank – Egypt, said: “Our participation in this syndicated loan reaffirms our commitment to supporting Egypt’s economic development and reflects our strategy to empower the private sector. The real estate development sector is one of the main drivers of growth, and this cooperation strengthens our position in major project financing and supports Egypt’s Vision 2030.”
Hussein Refai, CEO of the Industrial Development Bank, added that the bank’s participation aligns with its role in financing major development projects and its belief in the real estate sector as a vital pillar of the national economy.
Sarie-Eldin & Partners Law Firm acted as legal advisor to the banks, while Baker McKenzie (Helmy, Hamza & Partners) served as legal advisor to Mashareq Real Estate Investment.