Arab Finance: Cairo Bank and Hyde Park Real Estate Development signed an average -term financing agreement worth 750 million pounds, with the aim of financing an aspect of the investment cost of approximately 2.4 billion pounds for the 22nd stage (Garden Residence) in the company “Hyde Park” in New Cairo, and funding aims mainly to expedite the pace of construction in the project, within the framework of the efforts made by Cairo Bank as a financing partner to support and develop Distinguished residential projects, through the leading companies in the Egyptian real estate market, such as Hyde Park Real Estate Development Company, according to the statement sent on March 9.
The signing ceremony witnessed the presence of Bahaa Al -Shafi’i, Executive Vice President, Hisham Abdel -Al, Vice President of Cairo, and a group of executive officials of the bank. Hassan Ghanem, Chairman of the Hyde Park Company -CEO and Managing Director of Construction and Housing Bank, and Engineer Amin Masraj, the managing director of the company, attended, along with a group of representatives of the company's executive management.
On this occasion, Bahaa Al -Shafi’i stated the importance of the agreement, because of its effective role to advance economic growth, as well as its effective role in creating new job opportunities for young people in many industries related to the field of real estate development, as this funding reflects the commitment of the parties to enhance the infrastructure of the residential community and meet the needs of the real estate market in Egypt.
For his part, Hassan Ghanem expressed his happiness in the fruitful cooperation with the Bank of Cairo, stressing that it reflects the great confidence that the company enjoys in the banking sector as one of the most prominent real estate developers in the Egyptian market, pointing to its ability to implement its expansion plan through the implementation of integrated and distinguished real estate projects, and Ghanem stressed the commitment of Hyde Park to continue its strategy aimed at supporting the urban and comprehensive economic development, By strengthening its investments in the real estate sector.
In this context, Engineer Amin Siraj, Managing Director of the Hyde Park Real Estate Development Company, said that this agreement represents a fundamental step in the completion and implementation of the Hyde Park project, New Cairo, which is one of the most important and most prominent real estate projects in New Cairo, as it provides an integrated society that meets the aspirations of customers looking for a unique and sustainable residential experience, pointing out that this financing of 750 million Egyptian pounds, supports the company's efforts to advance At the level of real estate development in Egypt, adding that the financing period, which extends up to 8 years, gives the company great financial flexibility, which enables it to achieve its goals according to the highest quality and efficiency standards.
The “Hyde Park New Cairo” project is one of the most prominent projects in the fifth assembly area, as it extends over an area of ​​6 million square meters, and includes 20 thousand housing units with investments exceeding 160 billion pounds, and the project is characterized by the diversity of its designs, which includes separate villas and apartments connected to various areas to meet the needs of different customers. To date, more than 5,000 housing units have been delivered, reflecting the remarkable progress in the implementation of the project.
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