Four Egyptian banks to contribute to new real estate joint venture

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ArabFinance: Egyptian Gulf Bank (EG Bank) and Suez Canal Bank plan to each purchase a 10% stake in a new company - First Design for Real Estate Development – according to unnamed sources told Al Shorouk news website.

The new entity is recently-formed real estate joint venture (JV) between Talaat Moustafa Group (TMG), the National Bank of Egypt (NBE) and Banque Misr, with a capital of EGP 200 million.

The JV will develop residential land owned by Banque Misr and NBE near TMG’s Rehab and Madinaty compounds.

Earlier, Banque Misr and NBE signed an EGP 4 billion financing agreement with TMG to construct two mixed-use projects in Madinaty and Rehab.

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