Al-Futtaim Commercial & Administrative Centers SAE - a subsidiary of Al-Futtaim Group - and a consortium of banks including HSBC Bank Egypt, CIB, AAIB, Banque Misr, Banque du Caire, Arab Bank plc & Misr Iran Development Bank held a dinner to celebrate signing of the Syndicated Senior Long Term Loan Facility for 2 billion Egyptian Pounds to finance the 'Festival Centre' in Al-Futtaim's mega project in New Cairo - "Cairo Festival City".
'Festival Centre' will be built over an area of 298,026 square meters with an estimated investment of EGP 3.4 billion, and shall provide for a gross leasable area of 158,675 square meters to include around 250 outlets including leading international flagship stores & brands, boutiques, international restaurants, and the largest screen cinema complex in Egypt.
Driven by the success of "Dubai Festival City" project and capitalizing on proven capabilities in large and complex mixed-use developments, Al-Futtaim Group is expanding its footprint coverage within the MENA region through developing a mixed-use urban community over a land area of three million square meters with an estimated investment exceeding 20 billion Egyptian Pounds under the brand 'Cairo Festival City'. The project shall encompass residential units & luxury villas, commercial area and office buildings, a school, hotels, serviced apartments, and Festival Centre, a state-of-the-art shopping centre connecting to Festival Village with outdoor entertainment, dining & boutiques.
Al-Futtaim Commercial & Administrative Centers SAE had initially mandated HSBC Bank Egypt, CIB and AAIB to arrange the financing of the Retail Center with four more banks joining the transaction also as Mandated Lead Arrangers in what is considered to be one of the largest debt-raising transactions in the mall development sector in Egypt.
HSBC Bank Egypt committed EGP 400 million, followed by Commercial International Bank and Banque Misr with EGP 350 million each, Arab African
International Bank and Banque du Caire with EGP 300 million each, Arab Bank plc with EGP 200 million, and Misr Iran Development Bank committed EGP 100 million. HSBC Bank Egypt is acting as the Facility Agent, while Commercial International Bank is the Security Agent and Documentation Agent and Arab African International Bank is the Book Runner. Commercial International Bank and Arab African International Bank are both the Account Banks.
The celebration took place at Four Seasons Nile Plaza in Garden City and was attended by senior executives from Al-Futtaim Group and the banks led by Mr. Omar Al-Futtaim - CEO Al-Futtaim Group, Mr. Abdel-Salam El-Anwar - Chairman & CEO of HSBC Bank Egypt, Mr. Hisham Ezz Al-Arab - Chairman and Managing Director of CIB, Mr. Hassan Abdallah - Vice Chairman and Managing Director of AAIB, Mr. Mohamed Barakat - Chairman of Banque Misr & Banque du Caire, Mrs. Samar El-Molla - Country Head of Arab Bank plc, as well as Mr. Ismail Hassan - Chairman of Misr Iran Development Bank.
-Ends-
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© Press Release 2009
