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Prime Minister Signs 10 Billion Pound Urban Asset Deal
The Prime Minister of Egypt, Mustafa Madbouly, announced a financing agreement worth 10 billion Egyptian pounds from Banque Misr for a project involving the marketing and purchase of assets of the "Heide Park" real estate unit. The goal is to support the development and marketing of residential, commercial, and administrative units in line with Egypt's Urban Development Strategy for Vision 2030. The financing, which extends up to eight years, aims to enable Founders Company to undertake expansion projects, meet the housing needs of middle-income groups, and boost economic activity in the real estate sector, while supporting the state's plan to provide diverse housing units in new urban areas.
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