SODIC, Egypt’s leading real estate development company, announced the signing of a medium-term facility worth EGP 7.5 billion with Commercial International Bank – Egypt (CIB) to finance the development and construction works of June, one of SODIC’s flagship projects on Egypt’s North Coast.
June extends over an area of 280 feddans and is a Miami-inspired beachfront destination, particularly given its strategic location in Ras El Hekma, one of the most prominent areas on the North Coast. The project offers residents and visitors a sandy beach and pristine seawater, in addition to a vibrant promenade and beach club. June also includes residential villas and serviced apartments, as well as the exclusive Tribute Portfolio hotel by Marriott International.
The financing comes as part of CIB’s strategy to support leading companies and value-added projects by providing integrated financing solutions that contribute to supporting growth and expansion plans and enhancing economic and urban development, particularly in vital sectors, foremost among them the real estate and tourism sectors.
The signing ceremony was held at Nobu Restaurant at Ogami, the company’s flagship project on the North Coast, in the presence of Ayman Amer, Managing Director of SODIC Group, and Amr El Ganayni, Deputy Chief Executive Officer and Executive Board Member of Commercial International Bank – Egypt (CIB), along with a number of senior executives from both the bank and the company.
On this occasion, Ayman Amer commented: “Our cooperation with Commercial International Bank, one of Egypt’s leading and largest banks, through this strategic credit facility represents a new milestone in our partnership, which has extended over the past years. This agreement is a clear testament to the level of trust we have successfully built with our banking partners, while also reflecting their confidence in SODIC’s ability to consistently meet its obligations. We look forward to continuing our cooperation with Commercial International Bank to support SODIC’s growth and future expansion.”
Amr El Ganayni also stated: “This financing comes within the framework of the longstanding strategic partnership between CIB and SODIC and reflects the bank’s commitment to supporting the growth and expansion plans of its leading corporate clients by providing integrated financing solutions that meet the needs of their projects and support the implementation of their plans.”
He added: “Financing the development and construction works of the June project represents an extension of the bank’s role in supporting projects with an economic impact, contributing to SODIC’s expansion plans and supporting the growth of the real estate and tourism sectors, as they are among the vital sectors of the Egyptian economy. It also contributes to strengthening the position of the North Coast in general and Ras El Hekma in particular, both of which are witnessing remarkable development as among Egypt’s most prominent investment and tourism destinations, thereby enhancing the region’s attractiveness to both local and international investments.”
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