Cairo – Mubasher: Majid Al Futtaim Properties has signed a loan agreement worth EGP2.5 billion ($281 million) with a consortium of banks to finance the company’s project in Cairo.
The EGP4 billion project, which is the company’s third shopping mall in Egypt, will be located over an area of 103,500 sqm.
The banking consortium consists of Arab Bank, Bank Audi, Bank of Alexandria, National Bank of Abu Dhabi, Emirates NBD and National Bank of Kuwait.
Earlier, Alain Bejjani, the company’s CEO, said Dubai-based retail group plans to double its investments in Egypt to reach EGP 23 billion through the upcoming five years.
