Emirates NBD Egypt is extending US$40 million in financing as part of a US$265 million syndicated financing package for ADD Properties, supporting the company’s long-term growth strategy and the expansion of its hospitality portfolio, anchored by the development of a new Grand Hyatt hotel in West Cairo.
In addition to its financing commitment, Emirates NBD Egypt is acting as the Mandated Lead Arranger (MLA), Global Facility Agent and Onshore Account Bank. DenizBank AG, a subsidiary of Emirates NBD Group, is acting as the Offshore Security Agent, bringing together the Group’s regional banking franchise and international capabilities to support the transaction.
The financing package brings together four participating institutions: the European Bank for Reconstruction and Development (EBRD), providing US$127.5 million as the initial lead arranger and bookrunner; the International Finance Corporation (IFC), contributing US$60 million under the Mutual Reliance Framework; Emirates NBD Egypt, providing US$40 million; and the National Bank of Egypt (NBE), providing US$37.5 million. NBE is also acting as the MLA, Local Facility Agent and Onshore Security Agent, as well as the Onshore Account Bank. EFG Hermes, an EFG Holding company, is acting as financial advisor and bookrunner on the transaction.
Reflecting on this milestone, Amr El Shafei, Chief Executive Officer and Managing Director of Emirates NBD Egypt, commented:
“Our participation in this landmark financing reflects Emirates NBD Group’s strong commitment to supporting Egypt’s economic growth and contributing to the development of its strategic real estate and hospitality sectors, which play an important role in boosting Egypt’s tourism sector and expanding its hotel capacity. This participation also aligns with the national vision for developing the areas surrounding the Grand Egyptian Museum and positioning them as a global destination for tourism and investment.
We are proud to support ADD Properties, part of Sami Saad Holding Group and a prominent player in the real estate development and hospitality sectors, in advancing its growth strategy through the development of its sixth Grand Hyatt hotel. By leveraging the strength of our regional banking network and the Group’s international capabilities, we are supporting this financing transaction. Our collaboration with the EBRD, IFC and National Bank of Egypt also highlights the importance of strong banking partnerships in mobilising international financing and supporting high-quality investments.”
The financing aims to strengthen ADD Properties’ capital structure, support the growth of its hospitality portfolio and enhance the value of its assets. This includes the development of a new Grand Hyatt hotel in West Cairo, which will expand the area’s hotel capacity.
The financing will also include technical assistance to support skills development among young women and men in Cairo and Hurghada, strengthen ADD Properties’ corporate governance through the implementation of a Corporate Governance Action Plan (CGAP), and advance the green transition across its hospitality portfolio. This will include the development of a high-performance hotel and the certification of existing assets to LEED Silver standards.
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