Arab Finance: Real estate developer Sixth of October Development and Investment Company (SODIC) has signed an EGP 7.5 billion medium-term financing facility with Commercial International Bank (CIB) to fund the development and construction of its June project on the North Coast, as per a press release.
June spans 280 acres in Ras El Hekma and was designed as a Miami-inspired beachfront destination. The development features a sandy beach, a promenade, a beach club, residential villas, serviced apartments, and a Tribute Portfolio hotel by Marriott International.
“Partnering with CIB, one of Egypt’s leading banks, on this strategic facility marks another milestone in our longstanding relationship. The agreement is a testament to the trust we have built with our banking partners and reflects their confidence in SODIC’s ability to consistently deliver on its commitments. We look forward to continuing our collaboration with CIB in supporting SODIC’s growth endeavors,” Ayman Amer, SODIC’s Group General Manager, said.
Amr El-Ganainy, Deputy CEO and Executive Board Member at CIB, stated: “This financing comes as part of the long-standing strategic partnership between CIB and SODIC and reflects the Bank’s commitment to supporting the growth and expansion plans of its leading corporate clients by providing integrated financing solutions that meet the needs of their projects and support the execution of their plans.”
“The financing of the development and construction of the June project represents an extension of the Bank’s role in supporting projects with a significant economic impact, contributing to SODIC’s expansion plans and supporting the growth of the real estate and tourism sectors, as vital pillars of the Egyptian economy. It also reinforces the positioning of the North Coast in general, and Ras El Hekma in particular, which are witnessing significant development as some of Egypt’s most prominent investment and tourism destinations, further enhancing the region’s attractiveness to both local and international investments,” El-Ganainy added.
