NBE Raises Financing For Magic Land Al Hokair's TANZA Project To EGP 1.2Bn

2025-09-09 02:03:32

(MENAFN- Daily News Egypt) The National Bank of Egypt (NBE) has signed an agreement to raise its long-term investment financing for Magic Land Al Hokair to EGP 1.2bn, covering 60% of the company's estimated EGP 2.1bn investment in developing an integrated commercial entertainment city and cinema complex, to be launched under the name TANZA. The project is located within the 6th of October Free Zone, owned by the Egyptian Media Production City.

Sami Abdulmohsen Al Hokair, Chairperson of Magic Land Al Hokair and Managing Director of Abdulmohsen Abdulaziz Al Hokair Holding Group, praised the NBE's support, noting that the financing enables the establishment of a comprehensive entertainment city equipped with world-class services. He highlighted that the group's diversified portfolio spans tourism and entertainment ventures in Saudi Arabia and internationally, including hotels and leisure facilities developed in partnership with global firms.

Mohamed El-Etreby, CEO of NBE, said the financing reflects the bank's continued backing of Egypt's tourism sector as a cornerstone of the national economy, while also reinforcing partnerships with Saudi investors. He added that the project will create jobs, stimulate growth in the tourism industry, and introduce facilities that meet international standards.

Souha El-Turki, Deputy CEO of NBE, said the investment aligns with Egypt's strategy to establish landmark entertainment and tourism projects. She noted that TANZA's location near the Pyramids and the Grand Egyptian Museum would make it a key attraction for international visitors, boosting foreign currency inflows and contributing to the wider economy.

Sherif Riyad, Head of Corporate Banking and Syndicated Loans at NBE, explained that the financing package-valued at EGP 1.2bn with a tenor of 7.5 years-was structured in line with global benchmarks for entertainment projects. He emphasised that the package will help ensure the TANZA project is developed to the highest international standards.

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