ADCB Grants EGP 1.45Bn To Al Dawlia Developments For New Project In New Cairo
Date
7/1/2024 11:10:55 PM
(MENAFN- Daily News Egypt) Abu Dhabi Commercial bank (ADCB) recently finalized a financing agreement with Al Dawlia Developments, extending a credit facility of EGP 1.45bn over five years. This financial support will bolster the company's upcoming project in New Cairo, aligning with ADCB's expansion strategy and commitment to funding significant initiatives that contribute to the Egyptian economy.
The contract was officially signed by Ihab El Sewerky, Managing Director and CEO of ADCB Egypt, and Naguib Mahfouz, Managing Director of Al Dawlia Developments. The signing ceremony witnessed the presence of key figures, including Hisham Abbas, Executive Member of the Board and Head of Institutional and Corporate Finance at ADCB; Tamer Assem, Senior General Manager of Corporate Credit; and Mahmoud Taryeh, Deputy General Manager of Corporate Credit. Representing Al Dawlia Developments were Hassan El Sayed Azzam, CFO of the Group; Tarek Ahmed Fahmy, Deputy General Manager; and Mohamed Mostafa Hussein, Accounts Manager.
ADCB Egypt has demonstrated robust financial performance, achieving sustainable growth across various indicators. Notably, its corporate, medium, and small business loan portfolio expanded by 26% at the close of 2023 compared to the previous year, reaching EGP 33.7bn by Q1 2024. This success underscores the effectiveness of ADCB's expansion strategy, which spans diverse economic sectors, including financing major projects and supporting clients in realizing their plans and ambitions.
El Sewerky emphasized the collaboration's significance, highlighting ADCB's strong presence in the real estate development sector through funding this new project.
He stated:“We remain committed to assisting our clients in achieving their goals, fostering business development, and contributing to job creation within the Egyptian market. Our support also strengthens the private sector and bolsters the national economy.”
Mahfouz expressed optimism about future cooperation. He envisions a fruitful partnership across all areas where the group operates, both domestically and internationally. This contract marks the beginning of a strategic alliance aimed at supporting Egypt's economy and creating additional employment opportunities.
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