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Tuesday, 17 July 2018

EFG Hermes arranges USD 18 mn-worth of loans for Marakez to finance new residential project in New Cairo

INVESTMENT WATCH- EFG Hermes arranges USD 18 mn-worth of loans for Marakez to finance new residential project in New Cairo: EFG Hermes has reportedly arranged USD 18 mn-worth of loans for Al Hokair Group’s Marakez for Real Estate Investment, sources with knowledge of the matter tell Al Mal. The amount was secured through a number of international banks, whose names the sources refused to reveal, and will be used to finance Marakez’s new residential development in New Cairo. Saudi’s Alhokair Group had previously said it was planning to invest around EGP 15 bn in Egypt over the next three years to expand its Mall of Arabia brand with new commercial projects in Tanta, New Cairo, and the new administrative capital, in addition to completing the second phase of Mall of Arabia in Six October City, which includes a residential development that was the subject of a dispute with the New and Urban Communities Authority. Marakez recently signed an MoU with Al Futtaim Misr for Retail to open an IKEA store at Mall of Arabia by 2020.

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