First Abu Dhabi Bank Misr (FABMISR), subsidiary of the UAE-based First Abu Dhabi Bank Group (FAB), announced on Thursday that it arranged a 4.4 billion Egyptian pounds ($90 million) syndicated medium-term facility for Saudi Egyptian Developers (SED).

SED will use the funds for financing its EGP25 billion ($511 million) 'Central' mixed-use project in New Cairo, FABMISR said in a press statement, adding that the loan was oversubscribed by more than 1.5 times.

FABMISR was the primary lead arranger, finance marketer, account bank, and facility agent with Emirates NBD as the lead arranger and security agent; Abu Dhabi Commercial Bank (ADCB) as the lead arranger and document bank, and Arab Bank as the lead arranger and equity bank.

Other participants in the financing included Housing and Development Bank, EG-Bank, MID Bank, and Al Baraka Bank Egypt.

SED, an equally-owned  joint venture between Egypt's National Urban Communities Authority (NUCA) and the Saudi Ministry of Finance, was established in 1975. The JV's portfolio includes 25,000 residential units across 50 projects, and the Hilton Hotel on the Nile Corniche.

(1US Dollar = 48.95 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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