Majid Al Futtaim Disburses 1st Tranche of US$500mn Egypt Loan

Dubai-based developer Majid al Futtaim (MAF) announced on Thursday the disbursal of EGP170 million, worth of the first tranche of the Egyptian EGP3 billion (around $500 million) loan. The 10-year term loan will be used to take part in funding the Group’s Mall of Egypt in Sixth of October City whose investment cost amounts to EGP 4.9 billion.

Mall of Egypt is set to be a 169.500 sqm site in Cairo, which will be one of North Africa’s largest shopping centres.

The developer, the sole franchise of Carrefour in the Gulf, has chosen Banque Misr and National Bank of Egypt (NBE) as lead arrangers for the deal which includes a consortium of 7 other banks. The banking consortium comprises The Arab Bank, National Bank of Abu Dhabi – Egypt (NBAD), Union National Bank – Egypt (UNB), Egyptian Arab Land Bank (EALB), Al Baraka Bank of Egypt, United Bank, and Arab Investment Bank (AIB).

The table below demonstrates the 7 banks’ contributions to the MAF’s loan which is arranged by Banque Misr and NBE.

Banks

Value

The Arab Bank

EGP 300 million

National Bank of Abu Dhabi – Egypt

EGP 200 million

Union National Bank – Egypt

EGP 150 million

Egyptian Arab Land Bank

EGP 100 million

Al Baraka Bank of Egypt

EGP 100 million

United Bank

EGP 100 million

Arab Investment Bank

EGP 100 million

Total

EGP 1.050 billion

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