The National Bank of Egypt (NBE) has led a consortium of banks to arrange a long-term syndicated loan worth approximately EGP 1bn for Mashareq Real Estate Investment, a subsidiary of Pioneers Properties for Urban Development (PRE Group). The financing will be used to develop the first phase of the ZAG East project, a major commercial and administrative development located on South Teseen Street in New Cairo, near key urban and business landmarks. Following the signing ceremony, Mohamed El-Etreby, Chairperson of NBE, stated that the transaction underscores the bank's commitment to supporting Egypt's real estate sector and reputable developers such as PRE Group. He added that the project will add significant value to New Cairo's commercial and administrative landscape, reflecting the sector's continued role in driving national economic growth. El-Etreby noted that the facility's size and favourable terms demonstrate the bank's confidence in Mashareq's management team and the project's sound economic fundamentals. Waleed Zaki, CEO and Managing Director of Pioneers Properties for Urban Development, said that the financing highlights the strong partnership between the banking sector and trusted real estate developers. He described ZAG East—the commercial and administrative component of the wider Ivoire East development—as a project distinguished by contemporary architectural designs and a prime strategic location. Soha El-Torky, Deputy CEO of NBE, commented that the syndication reflects effective collaboration among Egypt's leading financial institutions and underscores the banking sector's ability to deliver innovative financing solutions for major national projects. She added that the deal reaffirms NBE's leadership in the syndicated loan market and its continued role in attracting investment to Egypt's real estate industry. Sherif Riyad, CEO of Corporate Banking, Debt and Structured Finance at NBE, explained that the bank is leading the syndicate with a 36.84% share (EGP 350m), serving as Facility Agent, Security Agent, Documentation Bank, Accounts Bank, and Mandated Lead Arranger. The Industrial Development Bank (IDB) contributed a 31.58% share (EGP 300m) and serves as the Debt Service Account Bank, while Abu Dhabi Commercial Bank (ADCB) holds an equal share of EGP 300m. Riyad noted that the facility extends over eight years from the financial close, including a 30-month availability period and a 36-month grace period, providing the flexibility required to complete the project to the highest quality standards. Ehab El-Swerky, CEO and Managing Director of Abu Dhabi Commercial Bank – Egypt, said: "Our participation in this syndicated loan reflects ADCB's ongoing commitment to supporting Egypt's economic development and empowering the private sector. Real estate remains a key driver of economic activity, and our collaboration in financing Mashareq Real Estate Investment reinforces our strategic role in major project financing in alignment with Egypt's Vision 2030." Hussein Refai, CEO of the Industrial Development Bank, highlighted that IDB's contribution of EGP 300m to the facility underscores the bank's role in supporting sustainable development projects that enhance Egypt's investment landscape. Legal advisory services for the banks were provided by Sarie-Eldin & Partners Law Firm, while Baker McKenzie (Helmy, Hamza & Partners) acted as legal advisor to Mashareq Real Estate Investment, a subsidiary of PRE Group.
