Al Morshedy Mall, an Egyptian retail complex related to prominent real estate tycoon Mohamed Morshedy, has signed a financing arrangement with Al Baraka Bank-Egypt to extend its operations and broaden its portfolio in Egypt.
The transaction, which represents the firm’s first finance arrangement with a financial organization, will provide it with sufficient financial support to develop a new commercial center in the fifth settlement, which is projected to expand its real estate holdings in Egypt.
Al Morshedy Mall is one of several divisions of Memaar Al Morshedy, an Egyptian real estate developer created in 1983 by Morshedy with a specific business strategy to enter the real estate development market.
Since its inception more than 39 years ago, Memaar Al Morshedy has played a significant role in the Egyptian real estate sector by setting the pace through the development of famous projects around the nation.
Al Morshedy presents a new concept of living with a strong team of experts, providing completely integrated development projects that include residential, administrative and commercial buildings in one location for its clients to live a convenient life.
Some of its most recognizable projects are the Degla Landmark, a 62,760-square-meter residential and commercial complex, and Zahra, a residential, tourist and hospitality project on Egypt’s North Coast.
It is on track to complete a Skyline in Cairo for $550 million, making it one of the world’s largest residential skyscrapers with 13,500 units spread across 200,000 square meters when completed.
The financing deal with Al Baraka Bank-Egypt is consistent with the bank’s recent diversification efforts and commitment to the growth of critical sectors of the economy.
As part of its yearly budget, the bank expects to earn a net profit of EGP1.41 billion ($89.74 million) by the end of its fiscal year in 2022.
The bank’s management anticipates its strong growth to continue as its revenue diversification and cost-cutting efforts drive gross earnings and profits to levels not seen since the beginning of the COVID-19 epidemic.
