Egyptian developer Abraj Misr pays $67mn of The Gate’s land

Egyptian developer Abraj Misr has paid 220 million Egyptian pounds of the total value of The Gate project’ s land,  CEO of  Multiples Group, Omar El-Shenety said Wednesday.

Multiples Group CEO ,The financial advisory of Abraj Misr, added that the company has paid 600 million pounds of the total amount of 800 million pounds, stressing the company’s keenness on implementing the project within the agreed upon time frame.

‘The Gate’ is Abraj Misr’s first and largest residential, administrative, smart and eco-friendly project,  its funding process relies upon three main sources namely self-finance, bank finance and the project’s units sales returns .

Abraj Misr is currently studying different offers from numbers of banks to finance the project; in addition, it is expected to reach a final agreement on the loan during the fourth quarter of 2016 with one of the major state-owned banks or a consortium of banks to finance it.

Furthermore, The Gate is with investments worth 4.5 billion Egyptian pounds, it will provide 2000 direct job opportunities.

The 400.000 sqm project is set to be completed within 24 months. Placed in the heart of Cairo, The Gate is a luxury mixed-use development encompassing seven residential, commercial, retail, and office units with a five-star hotel and services.

Moreover, The Gate is designed by the renowned Belgian architect Vincent Callebaut, famous for creating an edge in building concepts in Cairo.