Cairo: Tatweer Misr, one of the leading real estate development companies in Egypt, signed a medium-term facility contract worth EGP 3.5 billion with the Arab African International Bank (AAIB), one of the most prominent banking institutions in Egypt, to accelerate the Pace of Construction of two of Tatweer Misr’s projects, “IL Monte Galala” in Ain Sokhna, and “Bloomfields” in Mostakbal City.

The contract was signed by Dr. Ahmed Shalaby, President and CEO of Tatweer Misr, and Mr. Tamer Khalifa, Deputy Managing Director of the Arab African International Bank, in the presence of Eng. Baher Ayoub, Senior Vice President, CEO Projects & Board Member of Tatweer Misr, Mr. Mohab Saad, Vice President Finance & Operations of Tatweer Misr, Dr. Amani Samir, Head of the Corporate and Institutional Banking of the Arab African International Bank & Mr. Khaled Shalkamy , Team Leader - Large Corporate of the Arab African International Bank in addition to a number of executives from both entities.

The Arab African International Bank will market finance to numerous banks that operate in the Egyptian market under the terms of this contract, taking on the roles of first principal including lead arranger, coverage guarantor, facilitation agent, and guarantee agent. Notable legal advisories include Matouk Bassiouny & Hennawy for AAIB and the office of Sarie El-Din and Partners for Tatweer Misr.

AAIB will provide a medium-term facility to Tatweer Misr, which has a portfolio of mega projects in all strategic locations in the Egyptian real estate market, most notably east and west of Cairo, Ain Sokhna, and the North Coast. The company plans to use the facility to accelerate the pace of construction works in Both IL Monte Galala & Bloomfields projects, as part of the company’s strategy to deliver upon their promises to their clients and provide real estate products that ensure the creation of added value for its clients, shareholders, and partners in the Egyptian market.

"Tatweer Misr obtaining a medium-term facility of EGP 3.5 billion reflects the banking sector's trust in our company and its ability to meet its commitments, It also demonstrates the company's confidence in the Egyptian real estate market's future and its ongoing commitment to enhance its investments contributing to the flourishment of the country's economy and the continuous creation of job opportunities. We also seek to accelerate the pace of construction works within our projects and operate our non-residential portfolio that ensures the creation of a vibrant lifestyle within the real estate projects in addition to recurring income to developers” said Dr. Ahmed Shalaby, President & CEO of Tatweer Misr.

Dr. Shalaby continued, “Tatweer Misr has successfully delivered over 2,800 units across all of its current projects. The company also plans to use the facility to accelerate construction rates in both IL Monte Galala and Bloomfields with the goal of raising the delivery rate in the upcoming years to reach an average of 2,000 units annually in all its projects.”

Meanwhile, Mr. Mohab Saad, Vice President Finance & Operations of Tatweer Misr, praised the cooperation with the team at AAIB that supported in arranging the facility contract with the best terms available in the Egyptian market, which enhances the financial solvency of the company, emphasizing that Tatweer Misr is diversifying it source of funding with the aim of regularizing the construction process across its various projects with the best financing tools available.

Mr. Tamer Khalifa, Deputy Managing Director of the Arab African International Bank, emphasized that “The bank's leadership in real estate developer financing is based on its extensive experience in providing comprehensive solutions to ensure the necessary liquidity for accelerating project implementation and establishing integrated urban and touristic communities in line with the vision of Egypt 2030. He added, “That this facility represents a continuation of its leading role in supporting the Egyptian economy, especially the real estate development sector, which is one of the key sectors contributing to the local economy.”

The Arab African International Bank's Head of Corporate and Institutional Banking, Dr. Amani Samir, said: "We are pleased to work with Tatweer Misr in the company’s first structural financing process." She continued, “We anticipate expanding our framework of cooperation with Tatweer Misr to include the provision and availability of all banking products.” She also praised the level of professionalism of both the bank and company’s teams which culminated in the completion of this facility.

-Ends-

About Tatweer Misr

Established in 2014, Tatweer Misr is an Egyptian shareholding company that fosters a vertically-integrated business model in various development fields. The company upholds an optimistic vision to establish fully integrated urban communities based on innovation, sustainability and quality that reflects the company’s commitment to delivering added value to its customers, shareholders and partners. Tatweer Misr has 6 significant projects in various phases of development and planning across Egypt with investments totaling more than USD 5 billion.

Through its iconic projects, the real estate developer has placed its footprint in all strategic locations in the Egyptian market. Project locations include: the Red Sea where their award winning flagship project “IL Monte Galala” is built on around 545 acres in Ain El Sokhna; the Western North Coast where “Fouka Bay” is built on around 220 acres, “D-Bay” spans over 200 acres, and “Salt” over 300 acres. In East Cairo is “Bloomfields” a mixed-use first home development located in Mostakbal City on an area of 415 acres with a dedicated 90 acres for an educational zone, while in West Cairo is “Rivers” nestled on 100 acres.

During the past years, Tatweer Misr has succeeded in creating a distinctive quality of life by providing various operation and project management services, as testified by its customers and project visitors.

For more information visit: www.tatweermisr.com