Dubai-based developer Majid al Futtaim (MAF) announced on Thursday the disbursal of EGP170 million, worth of the first tranche of the Egyptian EGP3 billion (around $500 million) loan. The 10-year term loan will be used to take part in funding the Group’s Mall of Egypt in Sixth of October City whose investment cost amounts to EGP 4.9 billion.
Mall of Egypt is set to be a 169.500 sqm site in Cairo, which will be one of North Africa’s largest shopping centres.
The developer, the sole franchise of Carrefour in the Gulf, has chosen Banque Misr and National Bank of Egypt (NBE) as lead arrangers for the deal which includes a consortium of 7 other banks. The banking consortium comprises The Arab Bank, National Bank of Abu Dhabi – Egypt (NBAD), Union National Bank – Egypt (UNB), Egyptian Arab Land Bank (EALB), Al Baraka Bank of Egypt, United Bank, and Arab Investment Bank (AIB).
The table below demonstrates the 7 banks’ contributions to the MAF’s loan which is arranged by Banque Misr and NBE.
|
Banks |
Value |
|
The Arab Bank |
EGP 300 million |
|
National Bank of Abu Dhabi – Egypt |
EGP 200 million |
|
Union National Bank – Egypt |
EGP 150 million |
|
Egyptian Arab Land Bank |
EGP 100 million |
|
Al Baraka Bank of Egypt |
EGP 100 million |
|
United Bank |
EGP 100 million |
|
Arab Investment Bank |
EGP 100 million |
|
Total |
EGP 1.050 billion |
