Egyptian state banks jointly launch new arm for investment, property development

Two Egyptian largest state-owned lenders; National Bank of Egypt (NBE) and Banque Misr have joined forces to establish a new company for investment and real estate development.

The company is with a capital worth 200 million Egyptian pounds ($12.6 million), NBE’s deputy chairman Yehia Aboul Fotouh said on Monday.

On Sunday, the two banks clinched a strategic partnership with a subsidiary of the country’s real estate developer Talaat Mostafa Group (TMG).

The partnership will enable the subsidiary Arab Company for Projects and Urban Development to develop projects over 341,000 square metres in the company’s two residential flagships; Al Rehab and Madinaty.

The new developments will cost 4 billion pounds, designed to carry out housing, commercial, and administrative projects in the two flagships.