The National Bank of Egypt (NBE) has successfully led a banking syndicate to arrange a long-term joint financing loan worth approximately EGP 1 billion for Mashareq Real Estate Investment, a subsidiary of Pioneers Properties for Urban Development (PRE Group). The financing will fund the first phase of the “Zag East” project, a commercial and administrative development located directly on South Teseen Street in New Cairo, close to key landmarks. The project features innovative architectural designs and flexible spaces catering to a wide range of business needs—from startups to major brands—reflecting growing confidence in Egypt’s real estate development sector.
Following the signing, Mohamed El-Etreby, CEO of the National Bank of Egypt, expressed his pleasure in leading the syndicate for such a strategic and significant project. He emphasized that this transaction highlights NBE’s strong commitment to supporting Egypt’s real estate sector and reputable developers such as PRE Group, adding that the project will add great value to New Cairo’s commercial and administrative landscape. El-Etreby noted that the financing amount and its competitive terms reflect the bank’s strong confidence in Mashareq’s management team and the project’s solid economic feasibility.
Waleed Zaki, CEO and Managing Director of Pioneers Properties for Urban Development (PRE Group), expressed his sincere appreciation to NBE and the participating banks for their confidence in the Group’s vision and projects. He stated that this financing reflects the strength of the partnership between the banking sector and credible real estate developers, as well as continued confidence in the sector’s leadership in driving economic growth. Zaki noted that Zag East, the commercial and administrative component of the Ivoire East development, features modern architectural designs and a prime location. It represents a key milestone for the Group, offering a fully integrated contemporary business destination that enriches New Cairo’s commercial scene, fosters a premium business environment, and supports Egypt’s vision for sustainable urban development.
Soha El-Torky, Deputy CEO of the National Bank of Egypt, stated that this syndication demonstrates effective collaboration among leading financial institutions in the Egyptian market. She praised the teamwork with Industrial Development Bank and Abu Dhabi Commercial Bank, which together structured a comprehensive financing package that meets the project’s needs and safeguards all parties’ interests.
El-Torky added that the deal showcases the Egyptian banking sector’s ability to deliver innovative financing solutions for major projects and highlights NBE’s leading role in the syndicated loans market and in attracting more investments to the real estate sector.
Sherif Riyad, CEO- Corporate Banking, Debt and Structured Finance at NBE, explained that the bank leads the syndicate with a 36.84% share (EGP 350 million), acting as the Facility Agent, Security Agent, Documentation Bank, Accounts Bank, and Mandated Lead Arranger. The Industrial Development Bank participates with a 31.58% share (EGP 300 million) as the Debt Service Account Bank, while Abu Dhabi Commercial Bank holds an equal share of EGP 300 million. Riyad added that the facility extends over eight years from the financial close, including a 30-month availability period and a 36-month grace period, providing the flexibility needed to complete the project to the highest quality standards.
Ehab El-Swerky, CEO and Managing Director of Abu Dhabi Commercial Bank – Egypt, stated:
“Our participation in this syndicated loan reaffirms our commitment to supporting Egypt’s economic development and reflects our strategy to empower the private sector and enhance its contribution to growth. The real estate development sector is one of the most vital drivers of the economy, and this cooperation with leading banks to finance Mashareq Real Estate Investment strengthens our position in major project financing and aligns with Egypt’s Vision 2030.”
Hussein Refai, CEO of the Industrial Development Bank, confirmed that the bank’s participation in the loan aligns with its role in supporting major development projects and its belief in the importance of the real estate sector as a key pillar of the national economy.
He added that the bank contributed EGP 300 million to the syndicated facility led by NBE and acted as the Debt Service Account Bank. Refai emphasized that this financing is part of the bank’s strategy to back high-potential real estate projects that stimulate investment and contribute to sustainable growth, reaffirming its commitment to partnerships that promote economic development and job creation.
It is worth noting that Sarie-Eldin & Partners Law Firm acted as the legal advisor to the banks, while Baker McKenzie (Helmy, Hamza & Partners) served as the legal advisor to Mashareq Real Estate Investment, a subsidiary of PRE Group.
