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Abu Dhabi Commercial Bank signed a financing contract with the International for Real Estate Development Company to grant a credit facility worth one billion and 450 million pounds for a period of five years to finance the new project that the company will launch in New Cairo, within the framework of the bank’s expansion strategy and its participation in financing major projects and supporting the Egyptian economy.

The contract was signed by Mr. Ihab ElSewerky , Managing Director and CEO of Abu Dhabi Commercial Bank – Egypt, and Mr. Naguib Mahfouz Ali Saeed, Managing Director of International for Real Estate Development Company. Mr. Hisham Abbas, Head of Financial Institutions and Corporate Finance and Executive Member of the Board of Directors of Abu Dhabi Commercial Bank – Egypt was present from the bank’s side, also Mr. Tamer Assem, Senior General Manager of Corporate Finance and Mr. Mahmoud Toureh, Deputy General Manager of Corporate Finance , and from International for Real Estate Development Group, Mr. Hassan Al-Sayed Azzam – Chief Financial Officer of the Group, Mr. Tarek Ahmed Fahmy, Deputy General Manager, and Mr. Mohamed Mostafa Hussein, Head of Accounting.

It is worth noting that Abu Dhabi Commercial Bank Egypt achieved strong financial performance and recorded sustainable growth in all its indicators, especially in the corporate and small and medium-sized companies’ financing portfolio, with an increase of 26% at the end of 2023 compared to the same period of the previous year, and the portfolio reached 33.7 billion pounds at the end of the first quarter of 2024. This reflects the success of the bank’s expansion strategy and its presence in various sectors of the economy by financing major projects and supporting its clients in achieving their plans and ambitions.

 

Ihab ElSewerky , Managing Director and CEO of Abu Dhabi Commercial Bank – Egypt, expressed his pride in this cooperation with the international company, as it has an important role in various sectors in the Egyptian market, which confirms the bank’s strong presence in the real estate development sector by financing the company’s new project . He added: “We always strive to support our clients in achieving their plans and developing their businesses, as well as participating in projects that will provide more job opportunities in the Egyptian market, supporting the private sector, and strengthen the national economy.”

For his part, Naguib Mahfouz Ali Saeed, Managing Director of International for Real Estate Development Company , said, “We are happy to cooperate with Abu Dhabi Commercial Bank, one of the largest Emirati banks operating in Egypt, with our hopes for more cooperation during the coming period in all areas in which the group works, whether in Egypt or abroad (MASman Group). We are also happy that Abu Dhabi Commercial Bank has joined our success partners in Egypt, and we hope that this contract will be the beginning of fruitful cooperation in light of the group’s expected expansion plan during the coming period in order to support the Egyptian economy and provide more job opportunities.”