Al Ahly Sabbour for Real Estate Developments is seeking to obtain EGP 5 billion worth of loans to finance two real estate projects in East Cairo and the North Coast, two bankers told Asharq Business.

Banque Misr is set to provide Al Ahly Sabbour with an EGP 3.5 billion loan for an integrated urban project owned by the firm’s subsidiary LandMark in East Cairo, one source said.

However, the National Bank of Egypt (NBE) is slated to offer a loan worth EGP 1.5 billion to finance a tourism project being developed by the company in the North Coast, the source added.

In a different context, Al Ahly Sabbour has donated to Baheya Foundation with EGP 3.2 million following the signing of a cooperation protocol to provide long-term financial and moral support to breast cancer warriors, as per an emailed press release.

It is worth noting that Al Ahly Sabbour previously expressed its interest in buying around 1,000 feddans in Ras El-Hekma for the development of an integrated tourist and urban project.

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