Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), a unit of the UAE-listed FAB, has led a syndicated loan worth EGP 4.20 billion for Redcon Properties, according to a press release.
The loan will be used to finance the execution of the company’s flagship commercial and administrative project, Golden Gate, in New Cairo.
FABMISR acted as the initial mandated lead arranger, bookrunner, facility agent, security agent, and account bank for the transaction.
The syndicate also includes Al Baraka Bank Egypt and Abu Dhabi Commercial Bank (ADCB) as mandated lead arrangers, along with Arab Bank and Emirates NBD Egypt as lead arrangers.
The transaction also witnessed the participation of Matouk Bassiouny & Hennawy as the lenders’ legal counsel.
The financing was oversubscribed by 1.2x, enabling the Greenshoe Option to raise the facility amount from EGP 3.50 billion to EGP 4.20 billion.
Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, said: "The EGP 4.20 billion facility, structured over 3.5 years as a revolving credit, will partially fund the investment cost of Golden Gate.”
“This collaboration reflects our growing confidence in the Egyptian market and in the ability of local companies to deliver transformative urban development projects aligned with sustainability goals,” he added.
Tarek ElGamal, Chairman of Redcon Properties, commented: "This financing marks a significant boost toward accelerating the implementation of Golden Gate’s phases to the highest standards. For us, Golden Gate is not just a real estate project; it’s a meaningful contribution to Egypt’s urban development journey."
Ahmad Touni, CEO of Redcon Properties, added: “Featuring international-grade commercial and administrative units, the project is designed to attract both local and international investments and serve as a hub for major banks and companies.”
“The financing will cover part of the first phase’s investment cost of approximately EGP 24.30 billion, spanning 178,000 square meters of built-up area,” Touni mentioned.
In the first quarter (Q1) of 2025, FABMISR logged net profits valued at EGP 3.90 billion, higher than EGP 9.90 billion in Q1-24.
