CIB - Egypt and Suez Canal Bank Arrange a EGP 4.4 Billion Syndicated Loan for Al Ahly Sabbour to Develop the “Summer” Project on the North Coast

As part of ongoing efforts to support major real estate developments and contribute to Egypt’s urban development plans, Al Ahly Sabbour has announced the signing of a long-term syndicated financing agreement with the Commercial International Bank – Egypt (CIB) and Suez Canal Bank, with a total value of EGP 4.4 billion. The facility will finance the development of the “Summer” project, located in East Sidi Heneish – Ras El Hekma on Egypt’s North Coast.

The agreement was signed in the presence of Eng. Ahmed Sabbour, Chairman of Al Ahly Sabbour Developments; Mr. Amr El Ganainy, Deputy CEO and Executive Board Member of Commercial International Bank – Egypt (CIB); and Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, along with senior representatives from all participating parties. The signing reflects the strong collaboration between the private sector and the banking industry in supporting major development projects. The financing is expected to accelerate construction works at the “Summer” project, enabling Al Ahly Sabbour to deliver the project according to the highest quality standards and within the targeted timelines, while reinforcing the company’s vision of developing integrated communities that meet customers’ aspirations and create long-term investment value.

Under the agreement, Commercial International Bank – Egypt (CIB) acted as Lead Arranger, Facility Agent, Bank Account, while Suez Canal Bank acted as mandated Lead Arranger, DSAA Bank, Security Agent, and Escrow bank Agent. Sarie Eldin & Partners Legal Advisors served as legal counsel to the lenders. The financing has a tenor of approximately six years, reflecting the Egyptian banking sector’s ability to structure financing solutions that support large-scale real estate developments and align with Egypt’s urban development strategy.

Commenting on the agreement, Eng. Ahmed Sabbour, Chairman and Managing Director of Al Ahly Sabbour Developments, said: “This financing agreement reflects the strength of our longstanding relationship with the Egyptian banking sector, which continues to play a key role in supporting our expansion plans and ambitious development projects. It also demonstrates the confidence that financial institutions place in Al Ahly Sabbour and our proven track record of meeting our commitments. This financing will further accelerate the execution of the ‘Summer’ project and support our vision of delivering a fully integrated coastal destination that provides real value to our customers while aligning with the state’s vision for urban expansion and sustainable development.”

Mr. Amr El Ganainy, Deputy CEO and Executive Board Member of Commercial International Bank – Egypt (CIB), stated: “As a strategic banking partner, CIB is committed to providing tailored financial and financing solutions that support the real estate development sector, address evolving market needs, and contribute to expansion and growth plans. Supporting projects that create direct and indirect employment opportunities and promote balanced development across Egypt’s new cities remains one of our key priorities, in line with the state’s urban development agenda and the broader objective of achieving inclusive economic growth.”

He added “We remain committed to supporting the real estate development sector as one of the key drivers of economic growth, and to supporting Al Ahly Sabbour as one of the industry’s leading developers with a long-standing track record. We will continue to leverage our expertise and financing capabilities to support projects that stimulate economic activity, attract further investment, and create added value across various sectors. We are equally committed to developing specialized banking solutions that keep pace with market developments and reinforce CIB’s position as the financial partner of choice for leading institutions and strategic projects across Egypt.”

Commenting on the transaction, Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, said: “Suez Canal Bank’s participation in arranging this syndicated facility is fully aligned with the Bank’s strategy to expand its syndicated lending and structured finance activities, while reinforcing its role as a key financing partner for major projects that generate significant economic and developmental impact. The Bank places particular emphasis on supporting the real estate development sector, given its role as a major driver of economic growth, urban development, job creation, and the stimulation of related economic activities. This is in line with the State’s vision for sustainable development and urban expansion, particularly in promising investment and tourism destinations.”

He added that this transaction builds on the longstanding strategic relationship between Suez Canal Bank and Al Ahly Sabbour Developments, noting that the Bank had previously provided the bridge financing for the first phase of the summer project. This reflects the Bank’s confidence in both the developer and the quality of the project.

He further emphasized that the transaction highlights Suez Canal Bank’s continued success in strengthening its position as one of Egypt’s leading banks in syndicated lending and structured finance, supported by its extensive track record and accumulated expertise in structuring, arranging, and managing complex financing transactions in line with international banking best practices. This further reinforces the Bank’s position as a trusted financing partner for strategic projects that contribute to sustainable economic development.

This financing marks another milestone in Al Ahly Sabbour Developments’ journey of delivering distinguished projects built on carefully selected strategic locations with strong long-term investment potential. The company adopts a forward-looking vision by establishing an early presence in emerging urban destinations, making it one of the first developers to invest in several of Egypt’s fastest-growing urban areas.

With a portfolio of more than 65 projects spanning 4,381 feddans and over three decades of experience, Al Ahly Sabbour continues to develop integrated communities where quality of life and sustainability remain at the core of its vision, further strengthening its position as a key partner in supporting urban development across Egypt and the region.