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IFC’s suite spot: The International Finance Corporation (IFC) is in the final stages of approving a USD 100 mn senior secured corporate loan for AlDau Hospitality, part of ADD Properties, to fund a flagship hotel overlooking the Grand Egyptian Museum, according to a disclosure from the lender. The IFC’s board is expected to vote on the financing package next month.
The loan is part of a larger multi-tranche financing package. The company also secured a USD 110 mn senior loan from the European Bank for Reconstruction and Development (EBRD), and the remaining USD 55 mn is being provided in parallel tranches by unnamed “local and/or international financial institutions,” the disclosure reads.
If approved, the loan will be extended to Marygo Hospitality BV — the Netherlands-based holding company that manages the hospitality assets of the Sami Saad Group — with its Egyptian subsidiaries acting as co-borrowers.
Behind Sami Saad’s strategic shift: A household name in Egypt’s contracting sector via its construction arm Samcrete, the Sami Saad Group has quietly cemented its place as a hospitality-led holding company. This move into hospitality — spearheaded by launching ADD properties (formerly known as AlDau Development) — gained momentum with the successful reintroduction of the Hyatt brand to Egypt back in 2022. More recently, the company has been focused on more art-integrated, lifestyle-driven projects near the Giza Plateau.
In other debt news
Al Ismaelia for Real Estate Investment secured financing from the EBRD to scale its ESG-led redevelopment of heritage assets in Downtown Cairo. The capital will be used to retrofit and transform Downtown properties into operational assets, the developer said in a press release(pdf).
The new financing, worth EGP 30-35 mn, is the second tranche of the EBRD financing facility, bringing total disbursements to date to EGP 90-95 mn out of an agreed facility of EGP 145 mn, Chairman Karim Shafei said in comments to local media. The third and final tranche, valued at EGP 50-55 mn, is expected to be drawn down in the coming period, Shafei added.
The facility will bankroll Al Ismaelia’s 2026 project pipeline, specifically the Mahmoud Bassiouny boutique hotel and the La Viennoise Retail hub. The Mahmoud Bassiouny project is designed as an immersive stay concept, while the La Viennoise will showcase Egyptian brands and host dining establishments.
