Egypt's health min. inks deal with eFinance to launch nationwide e-payment system    Egypt backs Sudan sovereignty, urges end to El-Fasher siege at New York talks    Egyptian pound weakens against dollar in early trading    Egypt's PM heads to UNGA to press for Palestinian statehood    As US warships patrol near Venezuela, it exposes Latin American divisions    More than 70 killed in RSF drone attack on mosque in Sudan's besieged El Fasher    Al-Wazir launches EGP 3bn electric bus production line in Sharqeya for export to Europe    Egypt, EBRD discuss strategies to boost investment, foreign trade    DP World, Elsewedy to develop EGP 1.42bn cold storage facility in 6th of October City    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt expands medical, humanitarian support for Gaza patients    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt's Cabinet approves Benha-Wuhan graduate school to boost research, innovation    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    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's Futtaim, CIB Egypt to Ink EGP532 Million Loan Deal Today
Ahmed Ali Hesham Ibrahim Published in Amwal Al Ghad on 26 - 03 - 2014

Dubai developer Al Futtaim Group will sign today a loan agreement worth EGP 532 million with Commercial International Bank (CIB) – Egypt. The loan will go for financing the second phase of Al Futtaim's Cairo Festival City project in New Cairo.
From his part, Dr. Mohamed El Mikawi - Managing Director of Al Futtaim Group Real Estate - said the EGP532 mln loan reflects the economic feasibility of the project and its significance in the local market.
He further praised the role played by local banks, particularly CIB Egypt, in bolstering investment projects, amid available liquidity, which will create more jobs and activate trade.
The 3 million square metre Cairo Festival City, 20 kilometres southeast of greater Cairo, will include a three-level shopping centre, over 85 restaurants, a luxury hotel, and 480 villas. The project has managed so far to create more than 30.000 permanent jobs in addition to thousands of indirect job opportunities.
In the same vein, Amr El-Ganainy, CIB President of Global Customer Relations, elaborated that his bank's main concern is to finance the most vital sectors which would spur more economic growth in Egypt. The loan mirrors CIB Egypt's confidence and optimism that Al Futtaim's project will move the real estate development sector's wheel forward, he noted.

Clic here to read the story from its source.