PHOTO
Cairo, Egypt, March 31st 2016
A signing ceremony was held for one of the largest syndicated loan agreements between the private-sector banks and international investors in the last couple of years in Egypt. A consortium of banks including Arab Bank, Bank Audi, Alex Bank, National Bank of Abu Dhabi, Emirates NBD, Mashreq and National Bank of Kuwait as IMLAs and Book-runners successfully inked an EGP 2.5 billion syndicated loan with Majid Al Futtaim. The agreement covers financing the construction and development of the company's latest project in Egypt: City Centre Almaza. As per the agreement, Arab Bank acts as the facility agent while Bank Audi acts as the security agent. While Alex Bank and National Bank of Abu Dhabi acting as account banks.
Today's announcement highlights the vital contribution of the private-sector banks operating in Egypt in supporting major economic projects, to accelerate the economic growth process and create more job opportunities. This agreement also reaffirms
Majid Al Futtaim's leading role in the process of sustainable economic development through investing in a promising portfolio of major projects that are set to transform the shopping and leisure landscape in Egypt.
With EGP 4 billion worth of investments, City Centre Almaza is expected to create 22,000 direct and 14,000 indirect job opportunities. The mall is located in Cairo's high-end suburb of Heliopolis on the north eastern quadrant of the junction between the Cairo-Suez Road and Nasr Road in Heliopolis, and is projected to open by 2019.
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The legal name of this company is "Majid Al Futtaim" and should not be shortened or replaced by an acronym to avoid confusion with another business entity.
Disclaimer: All facts and figures in this release are accurate at the time of issuance.
About Majid Al Futtaim
Founded in 1992, Majid Al Futtaim is the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA).
A remarkable business success story, Majid Al Futtaim started from one man's vision to transform the face of shopping, entertainment and leisure to 'create great moments for everyone, every day'. It has since grown into one of the United Arab Emirates' most respected and successful businesses spanning 14 international markets, employing more than 30,000 people, and achieving the highest credit rating (BBB) among privately-held corporates in the Middle East.
Majid Al Futtaim owns and operates 19 shopping malls, 12 hotels and three mixed-use communities, with further developments underway in the region. The shopping malls portfolio includes Mall of the Emirates, City Centre malls, and also four community malls which are in joint venture with the Government of Sharjah. The Company holds exclusive rights to the Carrefour franchise in 38 markets across Middle East, Africa and Central Asia, and with the Hyperstar brand in Pakistan, operates a portfolio of more than 150 outlets in 14 countries.
Majid Al Futtaim operates 182 VOX Cinema screens and 22 Magic Planet family entertainment centres across the region, in addition to iconic leisure and entertainment facilities such as Ski Dubai and iFly Dubai, among others. The Company launched the first LEGO-certified store in the Middle East and is parent to the consumer finance company issuing 'Najm' and "Voyager" credit cards, a fashion retail business representing international brands such as Abercrombie & Fitch, AllSaints and lululemon athletica, and a healthcare business that operates a network of City Centre Clinics. In addition, Majid Al Futtaim operates Enova, a facility management company, through a joint venture operation with Veolia, a global leader in optimised environment resource management. The Company also operates in the food and beverage industry through a partnership with Gourmet Gulf.
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© Press Release 2016
