Banque Misr-led consortium provides $187mln in Islamic financing for Al Marasem

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Banque Misr has led a consortium of 10 banks in extending a total of EGP 8.9 billion in joint Islamic financing to Al Marasem International for Urban Development to support the Fifth Square project in New Cairo, as per an emailed press release.

Medbank announced its participation in the consortium, which is headed by Banque Misr acting as the initial lead arranger, marketing agent, financing agent, security agent, and account bank.

The latest agreement, valued at EGP 3 billion, was signed under an Islamic financing structure and will be used to cover part of the remaining investment costs of the project.

The consortium also includes Arab International Bank, Al Baraka Bank, Export Development Bank of Egypt (EBank), Housing and Development Bank, Industrial Development Bank, Agricultural Bank of Egypt, Egyptian Arab Land Bank, and Bank Nxt.

This tranche follows an earlier round of joint Islamic financing worth EGP 5.9 billion that was previously provided by the same group of banks to fund part of the project’s investment costs.

With the new agreement, total financing extended to Fifth Square has reached EGP 8.9 billion, in accordance with Islamic Sharia principles.

The fifth square is an integrated development located on a 158-feddan site on North 90th Street in New Cairo.

The project includes residential units in the form of apartments and villas, as well as service and commercial areas.

It also features hotel apartments operating under the name Lake Residence, which will be managed by Rotana Hotel Management Corporation.

Located in the Golden Square area of New Cairo, Fifth Square currently accommodates more than 2,260 families.

The compound includes green spaces and shared facilities such as recreational areas, two social clubs serving apartment and villa residents, sports fields, swimming pools, children’s play areas, a nursery, restaurants, and food trucks.

The development plan also includes the opening and operation of a shopping mall in 2026 and 2027 featuring a selection of international and Egyptian brands, in addition to 600 hotel units managed by Rotana Hotels.

These additions are expected to support the project’s commercial and service components and contribute to the surrounding area’s development.