Banks

The National Bank of Egypt finances Magic Land Al-Hokair, a subsidiary of Abdul Mohsen Abdulaziz Al-Hokair Group

البنك الاهلي المصري
National Bank of Egypt

Iman Al-Wasali He fell The National Bank of Egypt has a long-term investment financing contract with a value of 11. 5 million pounds in favor of the company (Magic Land Al-Hokair) to contribute to Financing a percentage of % of the investment costs of establishing the company’s project, whose estimated value is about million pounds, with the aim of developing and establishing a city of amusement parks, restaurants, and cinemas located within the free zone in the Sixth of October City and owned by the Egyptian Media Production City Company.

Following the signing, Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, stated that the financing comes in The Bank’s continuous support framework for the tourism sector in Egypt, which is one of the most important aspects Economic sectors, developing partnership with investors from the Kingdom of Saudi Arabia, and attracting direct foreign investments. The project also provides many job opportunities, which encourages the National Bank of Egypt to support this sector on a permanent and growing basis, with the aim of restoring the strength of tourism and cultural activity, developing tourism facilities, and raising the level of their readiness to receive thousands of visitors. Citizens, which the Bank adopts in granting these credit facilities to investment and national projects in Egypt in a way that serves the national economy.

Sami Abdul Mohsen Al Hokair, Chairman of the Board of Directors of Magic Land Al Hokair and Managing Director of the Board of Directors of Abdul Mohsen Abdulaziz Al Hokair Holding Group, expressed his thanks to the work team at the National Bank of Egypt and his pride in cooperation with the bank and its effective role in successfully completing the financing contract in accordance with And the requirements of the funded project, praising the prominent role of the bank in providing the necessary financing for the company, with the aim of establishing an integrated entertainment city and what that includes of the services necessary for its operation in a way that serves and achieves the strategy of the tourism and service sector in Egypt, stressing that the facilities granted by the bank As Al-Ahly Al-Masry is a clear evidence of the strong trend towards supporting tourism and service activity and working to support it to face all global economic challenges, he also made it clear that Al-Hokair Holding Group owns a group of companies inside and outside the Kingdom of Saudi Arabia (UAE – Spain – Turkey – Jordan) that operate in All recreational and tourism sectors, including a group of hotels and entertainment sites, in partnership with international companies, in addition to the industrial, real estate, education, training and health sectors, and that the current project is the first investment of the group in Egypt, which will provide the foreign component of the project Yehia Aboul Fotouh, Vice Chairman of the Board of Directors of the National Bank of Egypt, added that the investment financing contract for (Magic Land Al-Hokair), which is owned by Al-Hokair for Investment and Development, one of the Abdul Mohsen Abdulaziz Al-Hokair Holding Group companies in the Kingdom of Saudi Arabia. Taj is distinguished by its strategic location due to its proximity to the pyramids area and the Grand Egyptian Museum, which is scheduled to open soon, which will reflect the attraction of tourists, which in turn will lead to the growth of foreign currency inflows and the achievement of added economic value. For his part, Sherif Riyad, CEO of Corporate Banking Credit and Syndicated Loans at the National Bank of Egypt, explained that the value of financing amounts to about 723. 5 million pounds with a contribution rate of 11 % of the total investment costs amounting to about 900 million pounds, with a financing period of up to 7 years, and he also indicated that the group will provide all the needs of the project Of the foreign component, this project is the beginning of the group’s investments in Egypt, adding that the financing aims to keep pace with the latest international systems and standards for entertainment cities.

# National Bank of Egypt