QNB Egypt and MARAKEZ Sign a 5.5 Bn EGP Facility Agreement for District 5
QNB Egypt, a subsidiary of QNB Group, a leading financial institution in the Middle East and Africa, has signed a medium term financing agreement worth EGP 5.5 billion with MARAKEZ, one of Egypt’s largest mixed-use developers.
The financing will support part of the investment costs associated with the residential and commercial expansions of the District 5 project, which spans 268 acres. Located in East Cairo, District 5 is a mixed-use flagship destination, offering integrated residential communities, commercial spaces, and a wide range of lifestyle experiences.
This agreement aligns with QNB Egypt’s strategy to support large-scale developments and advance the real estate sector, in line with Egypt’s national agenda to expand new urban communities and drive sustainable economic growth.
The agreement was signed by Mr. Mohamed Bedeir Chief Executive Officer of QNB Egypt, and Mr. Ahmed Demerdash Badrawi, Executive Vice Chairman of MARAKEZ, in the presence of senior representatives from both sides including Mohamed Khairat Assistant CEO & Chief Business Officer at QNB Egypt, Mr. Osama Ezzo, Chief Financial Officer of MARAKEZ among others.
Commenting on the agreement, Mohamed Bedeir CEO of QNB Egypt, stated: “This partnership underscores QNB Egypt’s commitment to empowering leading players in the Egyptian market through tailored financing solutions aligned with international best practices. By supporting the delivery of large-scale developments, particularly in the real estate sector, we contribute to accelerating economic activity, creating job opportunities and value across connected industries.”
From his part, Ahmed Demerdash Badrawi, Executive Vice Chairman of MARAKEZ, said: “This financing marks an important milestone for District 5 and our wider portfolio. It enhances our capital efficiency, accelerates project timelines, and reinforces our focus on delivering high-quality mixed-use developments that are ahead of schedule.”
District Five is one of Marakez's flagship mixed-use developments, representing an integrated community offering all essential services and recreational facilities. Located in East Cairo, it's minutes from the business district, the American University in Cairo, and 90th Street, and just 20 minutes from Cairo International Airport. The project features a state-of-the-art administrative area, a residential district, and a shopping mall showcasing top local and international brands in retail, sports, fashion, and food and beverage.
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*About QNB Egypt:*
QNB Egypt is a subsidiary of QNB Group, a leading financial institution in the Middle East and Africa. The Bank’s vision is to strengthen its position as the preferred banking partner for customers in the Egyptian market, driven by its world-class financial services and high-quality service for both corporate and retail clients. It also remains committed to its social responsibility in achieving sustainable development and delivering optimal returns to its shareholders.
The Bank serves more than 1,961,694 customers through a team of over 7,680 specialised bankers, supported by a nationwide branch network covering all governorates across Egypt. Its network spans over 238 branches, 920 ATMs, and more than 38,960 Point-of-Sale to serve clients nationwide in addition to a 24/7 customer contact center.
QNB Egypt has established a number of subsidiaries across diverse fields, including QNB Leasing, established in 1997, QNB Life Insurance in 2003, which offers a wide range of life insurance and savings products. In 2012, the Bank also established QNB Factoring as a financial institution providing all types of local and international factoring services.
*About MARAKEZ:*
MARAKEZ is one of the largest mixed-use developers in Egypt with a portfolio of projects with one of the highest recurring revenue profiles in the country. Anchored by the flagship Mall of Arabia in West Cairo, MARAKEZ projects include AEON, the first residential project with residential towers in 6th October City and new urban communities, as well as District Five, East Cairo’s leading mixed-use development in New Katameya. In addition to Mall of Tanta which opened in 2019, Town Center in 2020, and Mall of Mansoura.
For more information about MARAKEZ please visit: https://marakez.net/
