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Marasem to get EGP940mln to fund projects in NAC

Thursday 14 February 2019 09:46 PM


By Mohmed Salem
Marasem International For Urban Development concluded final contracts last week for getting a Sharia-compliant revolving loan facility worth EGP940mln to meet  outstanding dues for its projects in the New Administrative Capital. 
Revolving loan facility, a flexible loan tool due to its repayment and re-borrowing flexibility within the approved time and volume limits, shall help MIUD complete constructions at the New Administrative Capital's housing suburb R5. 
Abu Duhbi Islamic - Capital will act as the   financial consultant and promoter, while 6 Egypt-based lenders will act as the arranger.
Ministry of Housing & Utilities & Urban Communities unleashed the Administrative Capital's housing surburb R5 over 1000 feddans for building up to 23,000 units made up of villas and flats as well as superb housing units. 
 MIUD has signed back in August 2017 final contracts for getting a bridge loan worth EGP900mln with a lending consortium made up of the five banks of Misr Bank, Baraka, Development and Workers, Property and Arab Investment bank. 
Founded back in 1997, MIUD carried out several contracting projects including Hurghada's new passenger building, Cairo Airport's passenger hall No. 2, and Sharm El-Sheikh's new passenger hall as well as renovating Al-Azhar Mosque. 
MIUD targets EGP32bn revenues out of two real estate projects east of Cairo in a time span ranging from five to seven years, according to chief executive Tarek Helmy. 
MIUD plans to inject EGP29bn investments, self-financed or leverage and sales into two projects for building comprehensive urban development over the Fifth Settlement's two areas of 118 feddans and 40 feddans.