Banque Misr has signed a credit facility agreement with Hyde Park Developments, providing EGP 2.6bn in financing to support the investment costs of the Sea Shore project on Egypt's North Coast. The signing ceremony was attended by Hisham Okasha, CEO of Banque Misr; Hassan Ghanem, CEO and Managing Director of the Housing and Development Bank (HDB) and Chairperson of Hyde Park; Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr; and Amin Serag, Managing Director of Hyde Park. Spanning 240 feddans, the Sea Shore project is designed as a high-end coastal destination, featuring a mix of residential and hotel units for sale, alongside commercial spaces available for lease. The development aligns with Hyde Park's commitment to creating integrated urban communities that enhance Egypt's real estate and tourism sectors. Okasha emphasized that Banque Misr's involvement in this financing reflects its commitment to supporting Egypt's economic growth. He highlighted the real estate sector's strategic importance due to its direct link to multiple industries, its potential for job creation, and its contribution to the national economy. He also noted that the bank actively supports property developers to stimulate the market, aligning with Egypt's Vision 2030, which aims to promote urban expansion and sustainable development. Ghanem expressed pride in the partnership with Banque Misr, viewing it as a model for synergy between financial institutions and major real estate developers. He underscored that this collaboration reinforces the shared vision of advancing Egypt's property and tourism investment landscape. Ghanem described Sea Shore as a landmark project in Hyde Park's portfolio, reflecting the company's dedication to delivering world-class, integrated developments that provide long-term value to Egypt's real estate sector. He further highlighted the project's role in supporting Egypt's Northwestern Coast development plans, attracting large-scale investments, creating job opportunities, and fostering sustainable economic growth. Khairat reaffirmed the bank's commitment to providing diverse and tailored financing solutions that meet the evolving needs of both individual and corporate clients. He described the Sea Shore project as one of the most promising high-quality developments on the North Coast, positioning it as a strategic investment that will enhance the region's real estate landscape. He also expressed optimism about the long-term partnership between Banque Misr and Hyde Park, reinforcing the bank's role as a key enabler of real estate investment. Serag emphasized that Banque Misr's trust in the company reflects Hyde Park's strong strategy and sustainable growth potential. He reaffirmed Hyde Park's ambition to expand its investment footprint, driving innovation in real estate development. Serag described Sea Shore as a premium addition to Egypt's coastal market, blending luxury with diversity through high-end residential and hotel units that adhere to the highest international standards. He noted that Hyde Park is committed to enhancing the quality of life in Egypt's coastal destinations, positioning Sea Shore as a benchmark for integrated resort-style developments. Banque Misr continues to enhance its services to meet customer expectations, actively participating in strategic initiatives that align with its core values of sustainable development and economic prosperity. Through partnerships like this, the bank reinforces its role as a key driver of Egypt's real estate sector, contributing to the country's long-term economic growth and investment landscape.
