Cairo \u2013 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.<\/p>\n
The group, owned by Engineer Bassel Samy Saad, currently owns several hotels in Hurghada and Giza. This initiative aligns with the National Bank\u2019s 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.<\/p>\n
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.<\/p>\n
Soha Al-Turki, Deputy CEO, highlighted Egypt\u2019s 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.<\/p>\n
The funding will increase the group\u2019s 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\u2019s focus on providing appropriate financing solutions for strategic projects. This approach drives economic development and achieves added value for the national economy.<\/p>\n
The financing supports ADD Properties\u2019 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\u2019s market position. The bank expressed readiness to continue fruitful collaboration on other economic activities.<\/p>\n
Ayman Hegazy, Head of Corporate Finance Group, confirmed the bank\u2019s contribution of 37.5 million dollars. This reflects the bank\u2019s commitment to supporting tourism investments, which create jobs and increase foreign currency resources. Ahmed Al-Sarsy, Head of Syndicated Loans Group, noted the bank\u2019s role as lead arranger and local agent. This partnership leverages strong relationships to provide necessary financing for economically impactful projects.<\/p>\n
This story was produced in the newsroom from the disclosed sources named above.<\/em><\/p>\n