Egypt’s ADIB bank, Ora Developers clinch $12.2mn financing deal

Egypt’s Abu Dhabi Islamic Bank (ADIB) has signed a financing agreement of 200 million Egyptian pounds ($12.2 million) with the country’s ORA Developers, according to Mubasher on Monday.

Such funding will be directed to support the development of Shiekh Zayed Central Park in the urban city of Shiekh Zayed.

Ora Developers is a leading name in the field of designing and developing luxury lifestyle destinations in unique locations. Ora Developers is the first real estate project by Egyptian tycoon Naguib Sawiris and their first real estate development is called ZED in El Sheikh Zayed.

The founder of Ora is Naguib Sawiris who is also the chairman of Orascom Telecom.