NBE arranges EGP 1B syndicated loan for Mashareq Real Estate Investment
Updated 11/5/2025 10:12:00 AM
Arab Finance: The National Bank of Egypt (NBE) has arranged a syndicated loan of around EGP 1 billion for Mashareq Real Estate Investment, a subsidiary of Pioneers Properties for Urban Development, as per a disclosure.
The financing will support the first phase of the “Zag East” project, a commercial and administrative development on South Teseen Street in New Cairo.
NBE Chairman Mohamed El-Etreby said the bank is leading the syndicate for a project that will contribute to New Cairo’s commercial growth.
He noted that the loan’s structure reflects the bank’s confidence in Mashareq’s management and the project’s financial feasibility, highlighting NBE’s ongoing support for Egypt’s real estate sector and developers such as PRE Group.
NBE Deputy CEO Soha El-Torky said the agreement demonstrates coordination among key financial institutions in the Egyptian market.
She noted that the partnership with the Industrial Development Bank and Abu Dhabi Commercial Bank produced a financing package suited to the project’s requirements and in line with sound banking practices.
El-Torky added that the deal illustrates the banking sector’s capacity to deliver tailored financing solutions for large projects.
According to Sherif Riyad, CEO of Corporate Banking, Debt, and Structured Finance at NBE, the bank holds a 36.84% share (EGP 350 million) in the syndicate and acts as Facility Agent, Security Agent, Documentation Bank, Accounts Bank, and Mandated Lead Arranger.
The Industrial Development Bank and Abu Dhabi Commercial Bank each contributed EGP 300 million, representing 31.58% of the facility.
The loan spans eight years, including a 30-month availability period and a 36-month grace period.
Waleed Zaki, CEO and Managing Director of PRE Group, thanked the participating banks for their confidence in the company’s projects.
He said the financing reflects effective cooperation between the banking sector and real estate developers and demonstrates continued trust in the sector’s role in economic growth.
Zaki added that Zag East, part of the Ivoire East development, offers modern architectural design and a strategic location, contributing to the development of New Cairo’s business landscape.
Ehab El-Swerky, CEO and Managing Director of Abu Dhabi Commercial Bank–Egypt, said the bank’s participation aligns with its strategy to support private sector initiatives and contribute to national economic goals.
He added that real estate remains a key driver of Egypt’s economy, and the collaboration underscores the bank’s role in financing major projects under Egypt Vision 2030.
Industrial Development Bank CEO Hussein Refai said the bank’s contribution of EGP 300 million supports its goal of financing projects that promote investment and sustainable growth.
He noted that the loan aligns with the bank’s approach to backing real estate developments that create jobs and contribute to economic expansion.
Sarie-Eldin & Partners Law Firm served as legal advisor to the banks, while Baker McKenzie (Helmy, Hamza & Partners) advised Mashareq Real Estate Investment.
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