ADIB arranges 1 bln pounds loan for Al-Marasem International for Development

Abu Dhabi Islamic Bank arranging one billion Egyptian pounds loan in favor of Marasem International for Urban Development, an affiliate of Saudi Binladin Group, to finance its expansions in New Cairo.

A source with knowledge said that ADIB has marketed the loan during the last days offering other banks the possibility of participating in arranging the loan including Banque Misr, Al Baraka Bank, The United Bank, Societe Arabe Internationale De Banque – SAIB and Industrial Development & Workers Bank Of Egypt.

On the other Hand, the company has acquired a fund of 800 million Egyptian pounds to part finance its project in New Cairo.

Founded in 1997, Al-Marasem Development started its businesses in Egypt as a construction company for a big real estate project in New Cairo during the period from from 1997 to 2007.