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Egypt’s SIAC Developments, part of SIAC Holding, said it has received three financing offers from local banks and expects to select a new facility within the next two weeks, Chairperson Nahla El-Ebiary said.
She didn’t disclose the size or purpose of the loan but said the company has secured all required permits and the ministerial decree for the 17-acre, 5 billion Egyptian pounds ($96 million) Rewaya integrated residential project in Sheikh Zayed in West Cairo. Construction work is expected to begin shortly, she noted.
Project details, costs or timelines weren't disclosed .
El-Ebiary said the company follows a balanced funding model, where it combines internal resources and bank borrowing to advance projects.
She said SIAC’s current strategy focuses on accelerating project execution to ensure on-time delivery and implementing advanced facilities management systems to preserve long-term asset value post-handover with developers navigating higher construction costs.
The SIAC executive also disclosed expansion plans in the industrial real estate segment through Polaris Development with a new 2,000-feddan plot acquisition completed in the New Administrative Capital (NAC), and new industrial real estate project to be launched soon in 6th of October City.
El-Ebiary said Egypt’s real estate market is seeing increasing demand for hospitality-style residential products, adding that SIAC plans to integrate this segment into current and future developments.
(1 US dollar = 52.05 Egyptian pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
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