SAIB Pumps EGP200 mln in MAF’s Mall of Egypt Loan

Société Arabe Internationale de Banque (SAIB) has pumped on Sunday EGP 200 million as pursuant to the Dubai-based developer Majid Al Futtaim Holding (MAF)’s EGP 3 billion loan which is arranged by the National Bank of Egypt (NBE) and Banque Misr.

SAIB has bought the Banque Misr’s share worth EGP 900 million of the MAF’s loan, an official banking source with knowledge of the loan deal told Amwal Al Ghad.

The 10-year term loan is designated to take part in financing the establishment of  MAF’s Mall of Egypt in Sixth of October City with investment cost amounts to EGP 4.9 billion. The MAF’s mall is set to be build up on a space of 169.000 metres.

Besides the SAIB, 7 banks have captured shares amounted to one billion and 50 million pounds to contribute to MAF’s EGP3 billion loan, namely the Arab Bank (EGP 300 million), Abu Dhabi National Bank (EGP 200 million), Union National Bank (EGP 150 million), Egyptian Arab Land Bank (EGP 100 million), Al Baraka Bank of Egypt (EGP 100 million), United Bank (EGP 100 million), and Arab Investment Bank (EGP 100 million).