PROJECT

Projects

Summary of Investment Information

Project Number

41781

Company Name

EGYPTIAN CENTRES FOR REAL ESTATE DEVELOPMENT SAE

Date SPI Disclosed

Mar 30, 2020

Country

Egypt, Arab Republic of

Region

Africa

Projected Board Date

Apr 30, 2020

Environmental Category

B - Limited

Status

Hold

Last Updated Date

Sep 30, 2022

Department

Regional Industry - MAS ME & Africa

Industry

Tourism, Retail and Property

Previous Events

Approved : Jun 12, 2020

Sector

other

Project Description

The proposed investment consists of a US$135 million in A Loan, of which $45 million is to finance the retail property business of Egyptian Center for Real Estate Development, SAE, Egypt (“ECRED” or “the Company”) owned by AlHokair Family (“Sponsors”). In addition, the investment will also consist of a US$90 million loan to Saudi FAS Holding Company, KSA (Saudi FAS) to refinance its existing capital contribution in ECRED for existing operations in Egypt. Saudi FAS is also fully owned by the Sponsors.

The financing will support ECRED’s business expansion by partly funding retail and commercial projects in newly developed areas of Cairo and secondary cities in Egypt.                                                  

Associated Advisory Engagement

                                                

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation