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Hussein Refai, CEO and Managing Director of the Industrial Development Bank (IDB), affirmed that the bank’s participation in financing Palm Hills Development comes within the framework of its strategy to support national projects that contribute to enhancing economic growth and creating new job opportunities.

He added:
"We are committed to supporting the real estate development sector, which is considered a fundamental pillar for supporting the Egyptian economy due to its direct impact on many other service sectors. The 'Badya' project is one of the key projects that contribute to improving the quality of life and providing an integrated model for sustainable urban development."

He continued:
"We are proud to provide this support alongside a strong banking consortium and we look forward to achieving further successes that will positively impact the national economy."

A banking consortium, including Banque Misr as the lead arranger, bookrunner, facility agent, account bank, and intermediary account bank; the National Bank of Egypt as lead arranger and bookrunner; Banque du Caire as lead arranger and bookrunner and debt service account bank; Emirates NBD as lead arranger and security agent; Abu Dhabi Commercial Bank as arranger; Al Baraka Bank as arranger; Al Ahli Bank of Kuwait – Egypt as arranger; and the Industrial Development Bank as lender, succeeded in granting Palm for Urban Development (a subsidiary of Palm Hills) a long-term syndicated loan of up to EGP 10.3 billion. This loan aims to partially finance the investment cost of the "Badya" urban development project in New October City.

The signing ceremony was attended by Hesham Okasha, CEO of Banque Misr; Soha El-Turki, Deputy CEO of the National Bank of Egypt; along with signatories including Mohamed Khairat, Head of Corporate and Syndicated Loans at Banque Misr; Sherif Riyad, CEO of Corporate Banking and Syndicated Loans at the National Bank of Egypt; Mohamed Shaker, Supervisor of Corporate Banking and Syndicated Loans and Structured Finance at Banque du Caire; Tamer Ragab, Head of Corporate and Financial Institutions at Emirates NBD – Egypt; Hesham Abbas, Executive Board Member and Head of Corporate Banking and Financial Institutions at Abu Dhabi Commercial Bank; Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank; Khaled El-Salawi, CEO and Managing Director of Al Ahli Bank of Kuwait – Egypt; Hussein Refai, Chairman and Managing Director of the Industrial Development Bank; and from Palm Hills, Ali Thabet, Board Member and CFO, and Amr Mahfouz, Deputy CEO for Development. The event was also attended by distinguished leaders of the participating banks and the company on Wednesday, October 2, 2024.

Legal counsel for the banks was provided by Helmy, Hamza & Partners (members of Baker & McKenzie International), while Matouk Bassiouny & Hennawy served as legal advisors to Palm Hills.

It is worth noting that this financing is considered the largest loan granted to private sector companies operating in the real estate development field in the Egyptian market, reflecting the great confidence of major banks and their belief in the pivotal role of the "Badya" City project in supporting the national economy and creating new job opportunities. The "Badya" City project in New October City is one of the largest investment projects in the real estate sector and represents Egypt’s first sustainable city according to the United Nations Sustainable Development Goals, as well as the first smart city in West Cairo, covering approximately 3,000 acres. The project’s strategic location near the Giza Pyramids, the new Sphinx International Airport, and 45 minutes from the New Administrative Capital positions it as a link between East and West Cairo.

The project aims to establish a new, integrated, multi-use community that offers a variety of residential units along with commercial, administrative, and entertainment services, in addition to educational, sports, and social facilities and central parks. The project is distinguished by embedding sustainability concepts and providing a fully integrated healthy environment that meets the needs of its residents, relying on artificial intelligence and modern technology applications. This approach contributed to reducing the project’s operational costs by 20%, cutting water and energy consumption by 30%, and generating 30% of energy from renewable sources, making it one of Palm Hills Developments’ most important and largest projects in the Egyptian market.

Commenting on this, Yassin Mansour, Chairman and CEO of Palm Hills, said:
"This significant financing reflects the banking institutions’ confidence in Palm Hills and the banking sector's commitment to contributing to the development of integrated residential and commercial communities."

He added that Palm Hills looks forward to opening new investment horizons and boosting confidence in the Egyptian real estate market, thereby supporting sustainability and growth in this vital sector. He explained that their strategy focuses on developing projects that combine exceptional living standards with high investment returns, enhancing their ability to drive progress in the Egyptian real estate market and increasing long-term investor confidence.

He further noted that the "Badya" City project, Egypt’s first sustainable city and the first smart city in West Cairo, has proven its merit to become a model for sustainable urban development, benefiting from the latest artificial intelligence technologies and smart infrastructure systems.

He concluded:
"We look forward to achieving further progress in this promising project, contributing to realizing our goals of enhancing sustainability and innovation and fulfilling our vision of creating a fully integrated living environment that meets the needs of the future."