NBE, Banque Misr launch mega property project Gardenia City with EGP 26bn investments

State-owned banks, the National Bank of Egypt (NBE) and Banque Misr announced on Monday the launch of mega real estate project, Gardenia City with investments worth up to 26 billion Egyptian pounds ($1.6 billion).

A consortium comprised of Al Ahly Sabbour Development and Founders, a subsidiary of Hyde Park, will be responsible for selling and promoting the project, Yehia Aboul Fotouh, Vice Chairman of NBE, said.

The project is eligible for the Central Bank of Egypt’s (CBE) initiative for real estate development, allowing customers to make payments over up to 20 years.

Gardenia City, built over 513 feddans, features about 19,500 units, 100 villas, and 80 twin houses.

Officials at the National Bank of Egypt (NBE), Banque Misr, Al Ahly Sabbour Developments, and Founders in a group photo during the launch of Garden City project