Egypt - The National Bank of Egypt (NBE) has arranged a syndicated financing facility worth EGP 1.42bn for Al Qamzi Developments to finance part of the investment costs for the first and second phases of the SEAZEN project on Egypt’s North Coast.

Under the arrangement, NBE is acting as facility agent, lead arranger, documentation bank, and bookrunner, with a participation of EGP 920m. Bank Al Baraka Egypt is participating as an arranger with a contribution of EGP 500m, underscoring the strength of cooperation between the two banks and their capacity to execute large-scale financing transactions. 

The signing ceremony was attended by Mohamed El-Etreby, Chief Executive Officer of the National Bank of Egypt; Hazem Hegazy, Chief Executive Officer and Vice Chairperson of Bank Al Baraka Egypt; Soha El-Turky, Deputy Chief Executive Officer of NBE; Yasser Zeidan, Chairperson of Al Qamzi Developments; alongside senior representatives from both banks and the company.

Mohamed El-Etreby said NBE’s participation in the syndicated facility reflects the bank’s strategy to provide integrated financing solutions that support clients’ expansion plans and contribute to sustainable economic growth. He noted that real estate development remains a key sector for job creation and economic activity.

El-Etreby added that NBE is committed to building effective banking partnerships that help finance projects with real economic value, particularly those supporting sustainable urban development and aligning with the state’s vision for comprehensive growth, as part of the bank’s national role in backing vital sectors of the economy.

Hazem Hegazy said Bank Al Baraka Egypt is proud to contribute EGP 500m to the financing, highlighting the project’s role in creating job opportunities and delivering added value to society. He described the SEAZEN project as a qualitative addition to North Coast developments and a reflection of the Egyptian banking sector’s ability to support major projects that advance the state’s economic and urban objectives.

“We will continue to play a pivotal role in financing strategic projects that have a tangible impact on the Egyptian economy,” Hegazy said.

Soha El-Turky said the financing underscores NBE’s confidence in Al Qamzi’s financial strength, operational expertise, and the feasibility of the SEAZEN project, which she described as a distinctive addition to North Coast developments. She added that the facility aligns with NBE’s role in supporting nationwide urban development plans and strengthening partnerships with the private sector to create integrated and sustainable communities.

El-Turky affirmed that the bank will continue to support serious and value-adding projects that stimulate economic growth and enhance Egypt’s development capacity.

Yasser Zeidan said Al Qamzi is accelerating construction works across its projects, including SEAZEN, with the aim of completing development ahead of schedule and commencing early handovers. He noted that securing syndicated financing from Egypt’s leading banking institutions represents a strong vote of confidence in the company’s credibility, execution capabilities, and the experience of its founders in delivering major developments in Egypt and the UAE.

He added that the company is currently achieving high execution rates at the SEAZEN project, positioning it as one of the most prominent developments on the North Coast.

The SEAZEN project spans 204 feddans at kilometre 170 in the Dabaa area on the North Coast, with total investments estimated at around EGP 23bn. The development comprises a range of fully finished residential units, from chalets to villas, and features terraced architectural designs rising more than 52 metres above sea level, offering direct sea views from multiple units. Green spaces account for more than 85% of the total project area, alongside a comprehensive mix of integrated facilities and services catering to all age groups.

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