UAE’s Arabtec Eyes Partnership with Egypt’s NBE

The UAE’s real estate giant Arabtec is currently holding talks with the largest public bank in Egypt, National Bank of Egypt (NBE) to build several new real estate projects on NBE’s lands in the coming period.

A preliminary agreement has been reached to sign a deal under which Arabtec will execute projects for the bank, as part of a bundle of economic partnerships beginning with these projects, NBE sources told Al-Bayan newspaper.

The Bank holds a large land portfolio exceeding six million sq. ft. in all Egyptian governorates, said Sherif Elwy, NBE deputy chairman, adding that these lands have entered the bank through various historical debt settlements with public sector companies.