The National Bank of Egypt and Banque Misr signed a strategic partnership with the Arab Company for Projects and Urban Development, a subsidiary of Talaat Moustafa Group Holding, with the aim of developing land plots in Al-Rehab and Madinaty residential communities.

The partnership contract was signed by Mr. Yehia Abu ElFotouh – Vice Chairman of the National Bank of Egypt, Mr. Akef El Maghraby – Vice Chairman of Banque Misr – and Mr. Hisham Talaat Moustafa – Chief Executive Officer and Managing Director of the Arab Company for Projects and Urban Development; the real estate developer of both Al-Rehab and Madinaty residential communities.

On his part, Mr. Yehia Abu ElFotouh asserted that this unprecedented partnership seeks to assist national companies in performing various activities, the most important of which is real estate development, especially in light of the implications of the COVID-19 crisis. This is by supporting the financial position of these companies and maintaining the highest possible quality standards in integrated residential communities. Mr. Abu ElFotouh highlighted the role played by NBE in endorsing all vital sectors affecting the needs of citizens, most notable of which is the real estate sector, which incorporates numerous activities seeking to drive the national economy and to boost the rates of development, as this partnership strives to maximize investment returns for both NBE and Banque Misr.

Mr. Akef El Maghraby – Vice Chairman of Banque Misr – outlined  the role played by this partnership in mitigating the financing burdens and commitments borne by the Arab Company for Projects and Urban Development, especially in light of Banque Misr’s support of state plans in the field of real estate development. Mr. El-Maghraby reiterated the benefits of such support, insofar as providing additional employment opportunities – whether direct or indirect – by capitalizing on the increasing popularity and revenues from both Al-Rehab and Madinaty residential communities. Mr. El-Maghraby also commended the collaborative and coordinative efforts exerted by the task forces in both banks, towards considering the best means for implementing this partnership and to facilitate joint procedures.

On his part, Mr. Hisham Talaat Moustafa emphasized the critical role played by the banking sector in general; and by both NBE and Banque Misr in particular, in supporting the real estate sector, as demonstrated through the strategic partnership with TMG, which shall enable the Arab Company for Projects and Urban Development to develop land plots of an area of 341 thousand square meters in Al-Rehab and Madinaty residential communities. This shall be at a value of EGP 4 billion, in favor of one of the investment companies owned by NBE and Banque Misr, with the purpose of establishing residential, commercial and administrative projects that are aligned with the master plan of both cities. The partnership is supported by the extensive expertise of the two largest banks in Egypt as well as by the legacy of TMG, which is considered a most reputable real estate developer in Egypt and the Middle East. The total value of TMG assets is estimated at more than EGP 102 billion – ranking fifth amongst the largest Arab real estate companies according to Forbes in 2020. Combined, such valuable expertise and a profound legacy of the partners are bound to drive the success of this partnership.