EGP 10 Billion Partnership Between Banque Misr and Founders to Finance and Market NUCA Assets
In the presence of Prime Minister Dr. Moustafa Madbouly, a strategic financing agreement worth EGP 10 billion over 8 years was signed between Banque Misr and Founders Real Estate Marketing, a subsidiary of Hyde Park Developments.
The major facility focuses on acquiring and marketing several assets owned by the New Urban Communities Authority (NUCA), as well as covering operational expenses for the associated projects.
High-Profile Signing Ceremony and Senior Leadership
The ceremony witnessed high-level attendance led by Eng. Randa Al-Minshawy, Minister of Housing, Utilities, and Urban Communities; Dr. Walid Abbas, Deputy Minister of Housing; Dr. Ahmed Amara, Supervisor of the Real Estate Sector at NUCA; and Hisham Okasha, CEO of Banque Misr, alongside senior leaders from participating entities.
The agreement was signed by:
Mr. Yahya Abou El Fotouh, Chairman of Hyde Park Developments and Vice Chairman of Founders.
Eng. Amin Serag, Chairman of Founders and Managing Director of Hyde Park Developments.
Mr. Amr Demerdash, Head of Corporate Banking at Banque Misr.
Driving Comprehensive Development and Supporting Middle-Income Groups
This agreement represents a core pillar in Banque Misr’s plan to offer long-term credit solutions that serve residential, commercial, and administrative developments in alignment with Egypt Vision 2030.
The Minister of Housing emphasized that this cooperation reinforces the banking sector’s confidence in the Egyptian real estate market, stressing that meeting the needs of the middle-income segment and delivering integrated housing units remain top state priorities.
Stimulating the Economy and Reinforcing Financial Confidence
For his part, Hisham Okasha pointed out that supporting real estate development drives dozens of supporting industries and creates thousands of direct and indirect jobs.
Meanwhile, Eng. Amin Serag stated that the deal highlights the strong financial solvency of both Hyde Park and its marketing arm, Founders, enhancing their capacity to diversify funding sources and expand the creation of sustainable urban communities.