Nasser Hussein
The bank announced the signing of a medium-term financing contract with the Egyptian International Construction Company to provide the required funding for the Taj Tower project in the administrative capital, at an investment cost of 4.8 billion pounds, for the Taj Tower project in the new administrative capital.
The agreement was signed by Afzal Najib, CEO and Managing Director of SAIB, and Mustafa Khalil, Chairman and Managing Director of the Egyptian International Construction Company. The signing ceremony was attended by Tarek Abdo, Deputy Managing Director for Business and Banking, and Amani Samir, Assistant Managing Director for Central Credit and Investment, in addition to a number of senior management members and executive management representatives of the company.
Afzal Najib, CEO and Managing Director of the bank, said that the financing comes within the framework of the bank’s efforts to support and develop major real estate projects through leading companies in the Egyptian real estate market such as the Egyptian International Construction Company, especially in light of the state’s interest in these projects, which contribute to the creation of new jobs, as well as activating many industries related to the field of real estate development.
Najib stressed that this agreement comes as part of the bank’s commitment to diversify financing instruments and expand its customer base, pointing out that the bank seeks through this step to strengthen strategic partnerships and provide innovative financing solutions that contribute to driving economic growth.
He also pointed out that the bank’s strategy and expansion plan aims to give full priority to various economic sectors, with a focus on financing various major labor-intensive development projects that support the country’s plans to achieve Egypt’s Vision 2030.
While Mustafa Khalil, Chairman of the Board of Directors and member of the Egyptian International Establishment Company, was pleased with the cooperation of the Bank of Saib, one of the largest banks operating in the Egyptian banking sector, he stressed that such cooperation would contribute to advancing the implementation of the Taj Taur project in the new administrative capital.
Khalil noted that the company believed in the importance of integration between the banking sector and companies operating in the Egyptian market, which would also contribute to supporting the national economy, explaining that the contract included the financing of the Tawer project, which was an administrative tower in the new administrative capital, located at the centre of Mohamed Ben Zayed Al-North, as well as its strategic position in front of the Greek tower.
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