CIB, Suez Canal Bank arrange EGP 4.4bn syndicated facility for Al Ahly Sabbour’s Summer project

Al Ahly Sabbour Developments has signed a long-term syndicated financing agreement worth EGP 4.4bn with Commercial International Bank – Egypt (CIB) and Suez Canal Bank to finance the development of its Summer project located in East Sidi Heneish, North Coast. The agreement was signed in the presence of Ahmed Sabbour, Chairperson of Al Ahly Sabbour Developments; Amr El Ganainy, Deputy Chief Executive Officer and Executive Board Member of Commercial International Bank – Egypt; and Akef El Maghraby, Chief Executive Officer and Managing Director of Suez Canal Bank, alongside senior representatives from all parties involved in the transaction. The signing underscores the strong partnership between the banking sector and private developers in supporting large-scale urban development projects. The six-year financing facility is expected to accelerate construction of the Summer project, supporting the company’s commitment to delivering the development on schedule and to the highest quality standards. It will also reinforce Al Ahly Sabbour’s vision of creating integrated urban communities that meet customers’ expectations while generating sustainable investment value. Under the agreement, CIB acted as joint mandated lead arranger, facility arranger, facility agent, and account bank. Suez Canal Bank served as joint mandated lead arranger, facility arranger, security agent, and escrow account bank, while Sarie Eldin & Partners Legal Advisors acted as legal adviser to the lenders. The financing reflects the Egyptian banking sector’s ability to structure long-term funding solutions for major real estate developments that support the country’s urban expansion strategy. Ahmed Sabbour said: “This financing agreement reflects the strength of our relationship with the Egyptian banking sector, which is a key partner in supporting our expansion plans and delivering our ambitious projects. The facility also demonstrates the confidence that financial institutions place in Al Ahly Sabbour and its long-standing record of meeting its commitments. It will enhance our ability to accelerate the delivery of the Summer project and create an integrated coastal community that offers genuine value to our customers while supporting the state’s vision for urban expansion and sustainable development.” Amr El Ganainy said CIB, in its role as a strategic banking partner, remains committed to providing tailored financial solutions that support the real estate development sector, respond to evolving market needs, and contribute to expansion and growth plans. He added: “The bank places strong emphasis on supporting projects that create direct and indirect employment opportunities and promote balanced development in Egypt’s new cities, thereby supporting the state’s urban development strategy and strengthening the Egyptian economy’s ability to achieve inclusive growth. We remain committed to supporting the real estate development sector as one of the key drivers of economic growth, as well as Al Ahly Sabbour as one of the sector’s pioneers with extensive long-term experience.” El Ganainy continued: “We will continue directing our expertise and financing capabilities towards projects that stimulate economic activity, attract further investment and generate added value across different sectors. We are also committed to developing specialised banking solutions that keep pace with market developments and support the bank’s vision of being the financial partner of choice for leading institutions and strategic projects in Egypt.” Akef El Maghraby said: “The bank’s participation in arranging this syndicated financing forms part of its strategy to expand its syndicated lending and structured finance activities while strengthening its role as a key financing partner for major projects with significant economic and developmental impact.” He added that the bank attaches particular importance to the real estate development sector because of its role as a key driver of economic growth, urban development, job creation and the stimulation of related industries, in line with the state’s sustainable development agenda and urban expansion plans, particularly in promising investment and tourism destinations. El Maghraby noted that the transaction builds on the strategic relationship between Suez Canal Bank and Al Ahly Sabbour Developments, pointing out that the bank had previously provided bridge financing for the first phase of the Summer project, reflecting its confidence in both the company and the project’s quality. He added that the transaction further demonstrates Suez Canal Bank’s continued success in strengthening its position as one of Egypt’s leading banks in syndicated lending and structured finance, reflecting its strong track record and extensive expertise in structuring, arranging and managing complex financing transactions in line with international banking best practices. This, he said, reinforces the bank’s role as a trusted financing partner for strategic projects that support sustainable economic development. The financing marks another milestone in Al Ahly Sabbour Developments’ track record of delivering landmark projects in strategically selected locations with strong long-term investment potential. The company has adopted a forward-looking strategy of establishing an early presence in emerging urban destinations, making it one of the first developers to enter several of Egypt’s most prominent growth areas. With a portfolio of more than 65 projects spanning 4,381 feddans and more than three decades of experience, Al Ahly Sabbour Developments continues to develop integrated urban communities that place quality of life and sustainability at the heart of its vision, reinforcing its position as a key partner in Egypt’s and the region’s urban development journey.  The post CIB, Suez Canal Bank arrange EGP 4.4bn syndicated facility for Al Ahly Sabbour’s Summer project first appeared on Dailynewsegypt.