Prime Minister Mostafa Madbouly witnessed the signing on Monday of financing agreements worth EGP 10bn between Banque Misr and Founders Real Estate Marketing, a subsidiary of Hyde Park Developments. The financing, with a tenor of up to eight years, will cover the purchase and marketing of assets owned by the New Urban Communities Authority (NUCA), as well as operating costs associated with the projects.
The signing ceremony was attended by Randa El Menshawy, Minister of Housing, Utilities and Urban Communities; Waleed Abbas, Deputy Minister of Housing for Urban Communities; Ahmed Emara, Supervisor of the Real Estate and Commercial Affairs Sector at NUCA; Hisham Okasha, CEO of Banque Misr; and senior officials from Banque Misr, Hyde Park Developments and Founders Real Estate Marketing.
The agreements were signed by Yehia Aboul Fotouh, Chairperson of Hyde Park Developments and Vice Chairperson of Founders Real Estate Marketing; Amin Serag, Chairperson of Founders Real Estate Marketing and Managing Director of Hyde Park Developments; and Amr El Demerdash, Head of Corporate Credit and Syndicated Loans at Banque Misr.
The financing forms part of Banque Misr’s strategy to support the real estate sector and finance projects offering integrated residential, commercial and administrative units. It supports Egypt’s urban development plans in line with Egypt Vision 2030 and aims to stimulate economic activity across sectors linked to real estate.
The agreement also reflects the bank’s commitment to providing integrated financing solutions that meet clients’ needs and support their expansion plans and projects, thereby contributing to economic activity and growth across Egypt’s real estate market and related sectors.
El Menshawy said the signing reflected the banking sector’s confidence in real estate development and the promising opportunities it offers. She noted that the projects concerned formed part of the state’s efforts to provide housing units that meet citizens’ diverse needs and promote integrated urban development in areas requiring further development and improvement. She added that meeting the housing needs of middle-income groups remained one of the government’s key priorities.
She also congratulated NUCA on the initiative, which enables the company to participate in developing and marketing housing units for middle-income groups, reinforcing the state’s efforts to provide suitable housing for citizens across different income brackets.
Okasha said the real estate sector was a key driver of economic growth, given its role in stimulating numerous related industries and activities and creating substantial direct and indirect employment opportunities. He stressed that supporting the sector and financing development projects aligned with Egypt Vision 2030, which seeks to advance urban development and stimulate economic activity across various sectors.
He added that the impact of urban development extended beyond the provision of residential, commercial and administrative units to encompass a wide range of supporting industries and services, boosting production and investment activity and creating employment opportunities.
Okasha reaffirmed Banque Misr’s commitment to continuing to support projects that contribute to economic growth and urban development.
Serag said the financing reflected the mutual trust and longstanding strategic relationship between the company and Banque Misr. It also demonstrated the bank’s confidence in the financial strength and expertise of Hyde Park Developments and its marketing arm, Founders Real Estate Marketing.
He described the agreement as an important step towards supporting the expansion plans of both companies under a long-term institutional vision focused on measured growth.
Serag added that long-term financing solutions were a key pillar of sustainable growth in the real estate sector, helping diversify funding sources and strengthen the financial capacity needed to develop projects.
He noted that Hyde Park drew on two decades of experience in developing integrated urban communities that deliver sustainable value to customers and align with the state’s drive towards comprehensive urban development.