Madinet Masr Secures 177 Million For Egypt's Development Projects

Madinet Masr secures 177 million syndicated loan led by CIB to advance flagship Taj City and Sarai developments.

Loan consortium includes seven banks, reinforcing Egypts real estate growth and bridging housing demand gaps.

Madinet Masr reports 88.9 profit growth, driven by doubled sales and 62.9 revenue increase.

Madinet Masr, a leading real estate developer led by Egyptian real estate tycoon Abdallah Sallam, has secured a 177 million syndicated loan to propel the expansion of its flagship Taj City and Sarai developments.

The financing, led by Commercial International Bank CIB, comes as a crucial step in the company's strategy to address Egypts growing housing demand and create a significant economic impact.

The syndicated loan, arranged by a consortium of seven banks, including First Abu Dhabi BankEgypt and Al Baraka BankEgypt, aims to support the construction of residential projects in Cairos East and New Cairo districts, pivotal areas for Egypts real estate growth.

The development projects, which are set to generate more than five million jobs, will help bridge the housing gap, underscoring the importance of real estate in Egypts broader economic recovery.

With the real estate sector contributing 20 percent to Egypts GDP and projected to rise to 22 percent by 2025, the loan emphasizes the sector's vital role in driving economic growth. CIB, as the lead arranger, contributed EGP4.5 billion 88.3 million, with First Abu Dhabi BankEgypt providing EGP1.35 billion 26.5 million, signaling strong backing from the banking sector for Egypts real estate potential.