Egyptian International Construction Company and Taj Misr Developments announced the signing of a EGP 990mn.
The Egyptian International Construction Company signed a medium-term loan agreement with SAIB Bank. This loan will finance part of the investment cost of Taj Tower in the New Administrative Capital. Moreover, the agreement highlights the bank’s commitment to supporting Egypt’s real estate sector. The total loan value reached EGP 4.8 billion, strengthening the progress of the Taj Tower project.
Mr. Mostafa Khalil, Chairman and Managing Director of the Egyptian International Construction Company, signed the agreement. He also represented Taj Misr Developments during the signing ceremony. In addition, Mr. Afdal Naguib, CEO and Managing Director of SAIB Bank, signed the agreement.
The signing ceremony was attended by Mr. Tarek Abdo. He is Deputy Managing Director for Business and Banking Sectors at the bank. In addition, Ms. Amani Samir also attended.
She is Assistant Managing Director for Central Credit and Investment Sectors. Moreover, several members of the bank’s senior management joined the event. Representatives of the company’s executive management also participated actively.
Mr. Mostafa Khalil is Chairman and Managing Director of Egyptian International Construction Company and Taj Misr Developments. He stated that cooperation with SAIB Bank will advance the implementation of Taj Tower in the New Administrative Capital. Moreover, SAIB Bank is one of the largest banks operating in the Egyptian banking sector. Therefore, this partnership directly supports the progress of the Taj Tower project in Egypt’s New Capital.
Khalil emphasized the company’s belief in integration between the banking sector and Egyptian market companies. This integration directly supports the national economy and strengthens cooperation between finance and real estate development. He explained that the contract covers financing for the Taj Tower project in the New Administrative Capital.
The project includes a commercial and administrative tower located on plot number 14-CN in the MU7 area. Moreover, the tower stands on the northern Mohammed bin Zayed axis, a main road in the New Capital. It enjoys a strategic location directly opposite the iconic tower, which adds significant value to the project.
The company has already completed 35% of Taj Tower’s construction. Moreover, the tower covers an area of 8,000 square meters. In addition, the company confirmed that delivery will begin in 2027.
Mr. Afdal Naguib is the CEO and Managing Director of the bank. He said the financing reflects the bank’s efforts to support real estate projects. The bank actively develops major projects through leading companies in the Egyptian real estate market. For example, the Egyptian International Construction Company is one of these key partners.
The state shows strong interest in these projects. As a result, the projects create new job opportunities. In addition, they stimulate many industries. These industries are directly related to real estate development.
Naguib emphasized that this agreement shows the bank’s commitment to diversifying financing tools. He stated that the bank actively works to expand its customer base. Through this step, the bank also seeks to strengthen strategic partnerships. In addition, it provides innovative financing solutions that support real estate development. As a result, these efforts contribute directly to driving Egypt’s economic growth.
He also noted that the bank’s strategy gives full priority to all credit sectors. In addition, the bank’s expansion plan focuses on financing major development projects. These projects are labor-intensive and support Egypt’s Vision 2030. Therefore, the bank continues to align with the state’s plans for sustainable growth.