ArabFinance: A consortium led by Abu Dhabi Islamic Finance (ADI Finance), a subsidiary of Abu Dhabi Islamic Bank Egypt (ADIB), signed an agreement with Kuwait’s Babtain Group to finance the latter’s Royal Park Mall project with EGP 420 million, according to an emailed statement on December 14th.
The consortium includes Al Ahly Leasing and Factoring Company, a subsidiary of the National Bank of Egypt (NBE).
CEO and Managing Director of ADI Finance, Mohammed Amiri, noted that the Royal Park Mall project was a new real estate investment step for Babtain Group in Egypt and an addition to the growing shopping malls market, which contributes to the growth of the Egyptian economy and the achievement of the sustainable development.
For his part, the CEO and Managing Director of Al Ahly Leasing and Factoring, Tarek Kandil, noted that financing consortiums were among the key ways of securing financing for investors, amid the current economic conditions.