| 14 Mar 2010 |
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Together with 8 major banks, CIB arranges EGP 567 million syndicated loan facilities to "Palm Hills Developments"
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Cairo, 14th March 2010- Two syndicated facilities for a total amount of EGP 567 million were announced by CIB - the Mandated Lead Arranger, Facility and Security Agent - along with eight other banks active in the syndication market, namely Egyptian Arab Land BankEgyptian Arab Land Bank
, National Bank for Development, Bank of AlexandriaBank of Alexandria, National Bank of Greece, Arab Investment BankArab Investment Bank, Blom Bank, Housing and Development BankHousing and Development Bank, and Egyptian Saudi Finance BankEgyptian Saudi Finance Bank, for Palm Hills DevelopmentsPalm Hills Developments, one of the leading real estate developers in Egypt and in the region.Mr. Ihab Swellem, PHDPHD CFO said that "The proceeds of this loan shall be directed towards the financing of our real estate projects located within the Sixth of October City and New Cairo district."
"The completion of the two syndicated loans comes in line with PHDPHD's strategy in accelerating construction within the coming period to take advantage of the low cost of construction materials," added Swellem.
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About Palm Hills DevelopmentsPalm Hills Developments:
Palm Hills DevelopmentsPalm Hills Developments (PHDPHD) is a leading real estate company in the Egyptian market, primarily developing integrated residential, commercial real estate and resort projects. Founded in 2005 by Mansour and Maghraby Investment and Development (MMID), the company, which is listed on the Cairo-Alexandria Stock Exchange and the London Stock Exchange, was the result of a vision to create self-sufficient communities through the utilization of integrated tools.
Presently PHDPHD
possesses one of the largest land banks in the country and is rapidly growing into a regional player, thanks to a geographically diversified land bank suitable for the development of a broad range of real estate products all fashioned to reflect the country's culture as well as the clients' lifestyle and prerequisites. Currently, PHDPHD maintains an impressive roster of 32 projects strategically located nationwide and in the region, at the following locations:
6th of October City, West Cairo, New Cairo; East Cairo, The North Coast, Gamsha; Red Sea, Ain Sokhna; Red Sea Alexandria, Aswan, Riyadh; Saudi Arabia and Jeddah; Saudi Arabia.
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© Press Release 2010
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