Egypt’s property developer PACT has recently acquired a loan from The Arab Investment Bank, at a total value of 120 million pounds.
Through this strategic alliance, the company will be able to maintain construction progress of its North Coast project, White Bay in Sidi Heneish, and ensure on-time delivery of all four phases. In its efforts to support the real estate industry, The Arab Investment Bank is financing the development of major projects that primarily focus on introducing smart, premium quality solutions to the market.
According to officials at the Arab Investment Bank, this loan does not only accelerate the development of White Bay, it also reflects PACT’s serious approach towards its set schedule and ability to resist risks. It also conveys the bank’s confidence in the company’s process of introducing state of the art infrastructure and home automation solutions.
Featuring a variety of villas, twin houses, and chalets that range from 120-550 square metres, White Bay’s progressive community offers 660 residential units, on an area of 80 acres.
Meanwhile, the cutting edge architecture showcases the functions and technologies offered by smart homes; including pre-paid electricity and water options, lighting and air conditioning controlled by one touch from your phone, inclusive WIFI coverage throughout the entire compound, in addition to modern amenities, housekeeping and property management.
Speaking on the reasoning behind the alliance, Mohamed Gamal, President of PACT, said “our commitment to establish a new era of smart homes allows us to partner with institutions that espouse the same values. Concluding such an agreement with the Arab Investment Bank reinforces our stable position as developers of this kind of solutions; it is an excellent step for us at this stage.”