Madinet Masr secures fresh funds to complete Sarai, Taj City projects: Property developer Madinet Masr has secured an EGP 9 bn mid-term revolving loan facility from a syndicate of local and regional banks to fund part of the investment costs of its Sarai and Taj City projects, the company said in a press release (pdf).

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The syndicated loan comes in two tranches: The first EGP 4 bn tranche will go towards the developer’s mixed-use Taj City project in New Cairo, while the second EGP 5 bn tranche will help fund Sarai, another mixed-use development near the new capital. The 89-month loan agreement will also be used to settle outstanding debts, the statement reads.

Who’s providing the financing? Spearheaded by CIB — which is acting as primary arranger, marketer, agent, and the account bank — the lenders include First Abu Dhabi Bank (FAB), Al Baraka Bank, Abu Dhabi Commercial Bank, the Export Development Bank, the Housing and Development Bank, and the Industrial Development Bank.

Remember: Madinet Masr aims to invest EGP 20 bn in construction across its projects in 2025, doubling its EGP 10 bn spend on developments this year, the company’s managing director Abdullah Sallam told Al Borsa earlier this month.

OILEX GRANTED EGP 3 BN SYNDICATED LOAN-

Oil extraction firm Oilex secured a EGP 3 bn syndicated loan from a consortium of local and regional banks, aimed at funding the company’s expansion plans, unnamed sources tell Al Mal. Both sides will sign the loan’s contracts next month, according to the sources.

The list of lenders: The consortium is led by the National Bank of Egypt and FAB, and includes Banque Misr, Banque du Caire, Al Baraka Bank, Arab African International Bank, and Suez Canal Bank.

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