The Arab African International Bank (AAIB) and the National Bank of Egypt (NBE), as lead arrangers, have collaborated with other prominent financial institutions to increase the joint loan provided to Roya Developments. The loan amount has been raised to EGP 5.6bn, aimed at supporting construction across various projects undertaken by the group in New Cairo, the North Coast, and the Red Sea. This infusion of capital enhances the group's financial structure, supports growth plans, and accelerates project development to meet delivery targets soon. In this partnership, AAIB serves as the financial advisor and financing agent, while NBE acts as the guarantee agent and debt service bank. Additionally, ABC Bank, Arab Bank, Arab International Bank, EG Bank, Arab Investment Bank, and Suez Canal Bank have all played a role in facilitating the process. Karim Barkawi, the Group's Chief Financial Officer, emphasized that this collaboration with the Arab African International Bank aligns with the group's vision. Their focus is on expanding activities and supporting operational processes to meet the demands of the Egyptian real estate market. By leveraging the strength of the Egyptian banking sector, the company takes a significant step toward reinforcing its financial stability. The collaboration also contributes to stimulating production in the real estate sector, particularly given the market's growth. The banks' approval to grant this financing underscores the strong relationships between the company and the banking sector, instilling confidence in the real estate market. Barkawi further highlighted the company's commitment to diversifying its financing sources. This strategy supports operational processes and maintains a robust financial position, solidifying the company's standing in the real estate market and creating opportunities for future expansion. Roya Developments boasts several projects across different areas, including the Telal Sidi Abdel Rahman project—a significant development on the North Coast—and the Telal El Sokhna project, spanning 6 kilometres along the Red Sea coast. Additionally, the Stone project in New Cairo covers an expansive 2 million square meters. The company also holds a land portfolio in Marsa Alam, exceeding 2 million square meters. In 2023, the pace of unit delivery across various projects accelerated. The final phase of the Telal Sidi Abdel Rahman project saw the delivery of 1200 units, while a new phase was completed in the Telal El Sokhna project, adding approximately 1,000 units. Overall, Roya delivered more than 1,500 residential units during the previous period, each equipped with service and entertainment facilities to meet residents' needs.
