Abraj Misr signs EGP 600 mn funding agreement with Gulf investor

Abraj Misr recently signed a EGP 600 mn funding agreement with an unnamed Gulf investor for its The Gate residential compound project in Heliopolis, Chairman Ali Rabie tells Al Masry Al Youm. The funding agreement allowed the company to halt loan negotiations with banks, whose interest rates Rabie said would be too high in light of the CBE’s rate hikes. Abraj had previously agreed to mortgage the land for The Gate to secure a loan from the Arab African International Bank.