Listen to this article
A banking consortium led by Banque Misr, acting as the Initial Mandated Lead Arranger, Book runner, Facility Agent, Security Agent, Account Bank, and Debt Service Reserve Account Bank, in cooperation with Abu Dhabi Commercial Bank–Egypt as a lender, has successfully arranged a long-term syndicated loan amounting to EGP 1.3 billion. The facility is granted to the Middle East for Real Estate & Tourism Investment Company, a subsidiary of Palm Hills Developments, to finance part of the investment cost for the development of a hotel under the “Casa Cook” brand in Hacienda White 1, North Coast.
The financing agreement was signed on Tuesday, May 20, 2025. Signing the contract were Mr. Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr; Mr. Hisham Abbas, Head of Financial Institutions and Corporate Banking at Abu Dhabi Commercial Bank–Egypt; and Mr. Aly Thabet, Executive Board Member for Financial Affairs at Palm Hills, in the presence of senior executives from both banks and the company.
Mr. Mohamed Khairat emphasized that Banque Misr’s participation in this financing aligns with its ongoing efforts to support the tourism sector, in line with the bank’s strategy to bolster key economic sectors that directly impact the national economy. He noted that tourism is one of the most vital sectors, given its substantial role in stimulating economic growth, being a major source of foreign currency, and its strong linkages with a wide range of supporting industries and services. The bank is committed to financing these sectors as part of its contribution to sustainable development and job creation across various specializations.
Banque Misr continues to offer a diverse portfolio of tourism and real estate financing solutions tailored to market needs, reaffirming the essential role of the Egyptian banking sector in supporting the national economy across all fields.
Mr. Khairat also praised the fruitful cooperation between the teams of both banks, highlighting their efficiency and professionalism in successfully executing all stages of the syndicated loan process, which culminated in the successful closure of the transaction. He emphasized the importance of highly skilled talent in preparing and implementing complex financial transactions at a high level of professionalism.
Mr. Hisham Abbas, Head of Financial Institutions and Corporate Banking at Abu Dhabi Commercial Bank–Egypt, stated:
“We are proud to collaborate with Palm Hills Group, which reinforces our strong presence in the real estate and tourism development sectors through the provision of financial support for key projects in one of the most vital sectors of the Egyptian market. This loan affirms our commitment to supporting the local economy and our role in financing major projects, with a focus on promoting sustainability, empowering the private sector, and enhancing national economic growth. It is a reflection of our strategy and continued support for large-scale projects across sectors, believing in the critical role of the banking industry in driving the country’s economic progress.”
Mr. Abbas also expressed his satisfaction with the high-level cooperation with Banque Misr, noting the professionalism and efficiency demonstrated by both sides throughout the process. He expressed eagerness for continued joint efforts in supporting major national projects, emphasizing that banks are the cornerstone and primary driver of economic development.
Eng. Tarek Tantawy, CEO and Managing Director of Palm Hills Developments, commented:
“We are always pleased to partner with Banque Misr and Abu Dhabi Commercial Bank–Egypt. The loan extended by both banks will significantly accelerate the development of one of our key hospitality projects under the global brand ‘Casa Cook,’ within our Hacienda White 1 project on the North Coast. We see this project as a strategic step in diversifying our investment portfolio and strengthening our presence in the hospitality sector. We aim to add real value to the North Coast by ensuring year-round operation of the hotel, further positioning the area as a world-class tourist destination, in line with national efforts to support tourism and attract more visitors to the region. We look forward to more collaborations with the banking sector as we pursue our strategic expansions in tourism.”
Mr. Aly Thabet, Executive Board Member for Financial Affairs at Palm Hills, added:
“We are pleased to continue our productive and ongoing partnership with Banque Misr and Abu Dhabi Commercial Bank–Egypt, which represents one of our most valued strategic collaborations. This financing reflects the strength of our financial performance and demonstrates the confidence that major financial institutions place in our long-term vision and sustainable growth strategy. It also showcases our ability to diversify funding sources with flexibility and efficiency. This collaboration supports our future expansion plans and enhances our ability to meet market needs while delivering added value in the hospitality sector.”
