QNB Egypt, a subsidiary of QNB Group, a leading financial institution in the Middle East and Africa, has signed a medium term financing agreement worth EGP 5.5 billion with MARAKEZ, a subsidiary of Saudi Arabia’s Fawaz Al Hokair Group.
The financing will support part of the investment costs associated with the residential and commercial expansions of the District 5 project, which spans 168 feddans, in addition to refinancing certain existing obligations of the company. Located in East Cairo, District 5 is a flagship mixed-use destination, offering integrated residential communities, commercial spaces, and a wide range of lifestyle experiences.
This agreement aligns with QNB Egypt’s strategy to support large-scale developments and advance the real estate sector, in line with Egypt’s national agenda to expand new urban communities and drive sustainable economic growth.
The agreement was signed by Mr. Mohamed Bedir, Chief Executive Officer of QNB Egypt, and Mr. Ahmed Demerdash Badrawi, Executive Vice Chairperson of MARAKEZ, in the presence of senior representatives from both sides.
Commenting on the agreement, Mohamed Bedir, CEO of QNB Egypt, stated: “This partnership underscores QNB Egypt’s commitment to empowering leading players in the Egyptian market through tailored financing solutions aligned with international best practices. By supporting the delivery of large-scale developments, particularly in the real estate sector, we contribute to accelerating economic activity, creating job opportunities and value across connected industries.”
From his part, Ahmed Demerdash Badrawi, Executive Vice Chairperson of MARAKEZ, said: “This agreement comes within Marakez’s strategy to enhance its investments in mixed-use projects, most notably District 5, which we see as an integrated model for modern urban development. This financing gives us a strong boost to accelerate the pace of implementation, maximize the added value of the project, and expand.”
District Five is one of Marakez's flagship mixed-use developments, representing an integrated community offering all essential services and recreational facilities. Located in East Cairo, it's minutes from the business district, the American University in Cairo, and 90th Street, and just 20 minutes from Cairo International Airport. The project features a state-of-the-art administrative area, a residential district, and a shopping mall showcasing top local and international brands in retail, sports, fashion, and food and beverage.
