7 banks, Dubai developer Majid Al Futtaim sign $281.6mn syndicated loan

A consortium of banks including seven banks inked a 2.5 billion Egyptian pounds ($281.6 million) syndicated loan with Dubai-based developer  Majid Al-Futtaim (MAF), the company announced in a statement Thursday.

The consortium involves Arab Bank, Bank Audi, Alex Bank , National Bank of Abu Dhabi, Emirates NBD, Mashreq and National Bank of Kuwait as IMLAs and Book-runners.

The agreement covers financing the construction and development of the company’s latest project in Egypt; namely City Centre Almaza.

As per the agreement, Arab Bank acts as the facility agent while Bank Audi acts as the security agent. Alex Bank and National Bank of Abu Dhabi act as account banks.

The agreement signals the vital contribution of the private-sector banks operating in Egypt in supporting major economic projects, to accelerate the economic growth process and create more job opportunities.

With 4 billion pounds worth of investments, City Centre Almaza is expected to create 22,000 direct and 14,000 indirect job opportunities. The mall is located in Cairo’s high-end suburb of Heliopolis on the north eastern quadrant of the junction between the Cairo-Suez Road and Nasr Road in Heliopolis, and is projected to open by 2019.