Saudi Egyptian Developers (SED) has recently inked a significant long-term financing deal worth EGP 1 bn with the National Bank of Egypt (NBE), Invest-Gate reports.

This substantial loan supports a portion of the investment expenses for the ambitious “Bleu Vert” project in the New Administrative Capital (NAC), encompassing a total investment outlay of about EGP 5.2 bn.

Mohamed El-Taher, CEO of SED, expressed profound contentment and enthusiasm regarding his company’s collaboration with the National Bank of Egypt. He underscored that this loan stands as a fresh testament to the trust placed in the capabilities of Saudi Egyptian Developers.

“This entity boasts an illustrious track record spanning over fifty years in the Egyptian real estate development sector,” El-Taher Added.

El-Taher highlighted that the financing pacts solidified between the parties will significantly bolster the strategic execution of the company’s development plans, aligning seamlessly with the overarching blueprint for the NAC.

Moreover, the “Bleu Vert” project, strategically positioned across a sprawling 70-acre expanse at the nucleus of the NAC, offers a direct vista of the “Ben Zayed” Axis.

Also, the project boasts proximity to key landmarks like the Opera House, the Central Business District, and the Ministries District.

The Bleu Vert project caters to diverse client preferences by comprising 1,400 residential units of varied configurations – from studios to apartments, twin villas, and townhouses. The project incorporates extensive green spaces and integrated service areas like a social club and commercial centers.

Anticipated for delivery in 2024, the “Bleu Vert” project has already initiated contracts with major construction firms such as REDCON Construction for villa and residential apartment construction and “Kharafi National” for project infrastructure implementation.