National Bank of Egypt (NBE) has signed a contract to increase long-term investment financing to EGP 1.2 billion for Magic Land Al Hokair to contribute to financing 60% of the investment costs related to the establishment of the company’s project, with an estimated value of EGP 2.1 billion, in order to develop and establish an integrated commercial entertainment city and cinemas under the name of TANZA City, located within the free zone in 6th of October City and owned by the Egyptian Media Production City Company.
Sami Abdulmohsen Al Hokair, Chairman of Magic Land Al Hokair and Managing Director of Abdulmohsen Abdul Aziz Al Hokair Holding Group, expressed his thanks to the NBE team for its cooperation with the bank and its effective role in successfully completing the financing contract in accordance with the requirements of the funded project, praising the bank's prominent role in providing the necessary financial support to the company in order to establish a full entertainment city, including the necessary services to operate it to serve the tourism and service sector in Egypt.
Companies within Saudi Arabia
He also explained that Alhokair Holding Group owns a group of companies inside and outside the Kingdom of Saudi Arabia working in all entertainment and tourism sectors, including a range of hotels and recreational sites in partnership with international companies.
The Bank’s ongoing support to the tourism sector
Mohamed Al-Atrbi, Chief Executive Officer of NBE, said that the financing comes within the framework of the bank’s continuous support to the tourism sector in Egypt, which is one of the most important economic sectors and the development of partnership with investors from the Kingdom of Saudi Arabia. The project also provides many job opportunities, which encourages NBE to support this sector permanently and increasingly in order to restore the strength of tourism and cultural activity and develop tourism facilities and raise their level of readiness to receive thousands of citizens.
Investment Finance Contract
Suha Alturki, Executive Vice President of the National Bank of Egypt, added that the investment financing contract for Magic Land Alhokair, which is owned by Alhokair Investment and Development Company, one of the companies of Abdulmohsen Abdulaziz Alhokair Holding Group in Saudi Arabia, comes within the state's plan to develop all establishments of a special nature as recreational tourist places in Egypt, including the city of TANZA, which will match the international entertainment cities, especially the production city will be strategically close to the pyramids and the Grand Egyptian Museum.
For his part, Sherif Riad, Chairman of Corporate Banking Credit and Executive Joint Loans at NBE, said that the value of the financing amounts to about EGP 1.2 billion with a contribution of 60% of the total investment costs of about EGP 2.1 billion with a financing period of up to 7.5 years, adding that the financing aims to keep pace with the latest international regulations and standards for entertainment cities.
