Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Dubai developer inks terms for $500 million Egypt mall loan
MAF Holding says it is in the final stage of securing finance for the Cairo-based Mall of Egypt project, set to be one of North Africa's largest shopping centres
Reuters Published in Ahram Online on 26 - 03 - 2012

Majid Al Futtaim Holding (MAF) has agreed terms for a new $500 million loan to fund a shopping centre in Egypt where the mall developer had to take writedowns after Arab Spring protests, its chief executive said on Monday.
MAF, the sole franchisee of Carrefour hypermarkets in the Gulf, said it took writedowns of 300 million dirhams ($81.68 million) on its hotel assets in Bahrain and 250 million dirhams on its Egypt assets in 2011, Iyad Malas said.
"There was an adjustment of value of assets both in Bahrain and Egypt," he told reporters, adding the firm had to write down valuations of two hotels built adjacent to Bahrain City Centre.
"Based on the lower occupancy rates we see at this stage at Bahrain, we decided to write the value of these assets down."
However, he said that the value of these assets has gradually increased now.
In Egypt, MAF is developing the Mall of Egypt project in Cairo, a 160,000-square metre site in Cairo which will be one of North Africa's largest shopping centres.
Malas said the company is in the final stages to secure finance for the project. Earlier this month, sources told Reuters the company had chosen Banque Misr and National Bank of Egypt as lead arrangers for the $500 million loan.
The Mall of Egypt loan had been earmarked for early 2011 but political unrest resulted in the plans being postponed, according to another source.
Daniele Vecchi, senior vice president for treasury, told reporters the commercial terms for the loan have been agreed.
"We have talked to Egyptian banks and they are keen to look at the project. We have advanced our discussion with two major consortiums. It's pretty much finalised. The commercial terms are pretty much agreed, " Vecchi said.
MAF has two malls, three hypermarkets and supermarkets in Egypt.
Malas said that despite the write downs, the overall asset value across its business increased. "That's because Dubai assets have improved ... revenue is improving everyday."
Gross revenue was up 10 per cent in 2011 to 19.6 billion dirhams, while total assets hit 36.1 billion dirhams.
The company issued a $400 million sukuk, or Islamic bond, in February, and Malas said the company will tap the bond market again, if needed, expressing a preference for longer-term financing options to fund the company's projects.

Clic here to read the story from its source.