Cairo – Business News Report|| The National Bank of Egypt announced its participation in a comprehensive financing alliance totaling 265 million dollars, led by the European Bank for Reconstruction and Development. This significant financial arrangement also involves participation from the International Finance Corporation and Emirates NBD. The primary objective is to finance the construction of a new hotel and develop hospitality activities for ADD Properties Group.
Strategic Tourism Investment
The group, owned by Engineer Bassel Samy Saad, currently owns several hotels in Hurghada and Giza. This initiative aligns with the National Bank’s leading role in supporting vital economic sectors and enhancing sustainable growth opportunities across the region. It represents a major step forward in local infrastructure development.
Executive Leadership Statements
Mohamed El-Ataby, CEO of the National Bank of Egypt, stated that tourism remains a fundamental pillar of the Egyptian economy. He emphasized its direct contributions to sustainable economic growth, foreign currency reserves, and job creation. The bank remains committed to supporting strategic investments that develop tourism infrastructure and enhance private sector competitiveness through international cooperation.
Giza Region Developments
Soha Al-Turki, Deputy CEO, highlighted Egypt’s unique historical and tourism assets. She noted promising growth opportunities, particularly in Giza following the opening of the Grand Egyptian Museum. This development is expected to attract more tourists and support investment in hotel activities. The financing aims to enhance environmental and social practices while supporting corporate governance standards within the group.
Operational Expansion Plans
The funding will increase the group’s room capacity, boosting hospitality sector absorption capabilities. It also supports professional skill development for workers and improves service diversity. Sherif Riad, Executive Head of Corporate Credit, affirmed the bank’s focus on providing appropriate financing solutions for strategic projects. This approach drives economic development and achieves added value for the national economy.
New Hotel Branding
The financing supports ADD Properties’ long-term growth strategy and financial center enhancement. Plans include creating a new hotel with 400 rooms under the Grand Hyatt brand. Located in West Cairo near the museum and pyramids, this project strengthens the group’s market position. The bank expressed readiness to continue fruitful collaboration on other economic activities.
Financial Contribution Details
Ayman Hegazy, Head of Corporate Finance Group, confirmed the bank’s contribution of 37.5 million dollars. This reflects the bank’s commitment to supporting tourism investments, which create jobs and increase foreign currency resources. Ahmed Al-Sarsy, Head of Syndicated Loans Group, noted the bank’s role as lead arranger and local agent. This partnership leverages strong relationships to provide necessary financing for economically impactful projects.
This story was produced in the newsroom from the disclosed sources named above.
