Loan agreement secured to create Egyptian mega-mall

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Loan agreement secured to create Egyptian mega-mall

18 Mar 2010

A loan has been agreed by several financial institutions which paves the way for the first mega-mall of its kind in North Africa.

Bonyan for Development and Trade announced the $33 million syndicated loan to begin construction work on Designopolis – a furniture and home accessories mall in Egypt.

As a platform company for Citadel Capital – a large private equity firm in the Middle East North Africa economic zone – Bonyan has been able to agree the loan with principle financiers Commercial International Bank.

The four other financial groups involved in the deal are Housing and Development Bank, Egyptian-Arab Land Bank, Arab Investment Bank and Bank Audi.

Citadel Capital managing director Ahmed El Houssieny said: "With a successful start at Designopolis West, Bonyan will continue to invest in commercial real estate concepts backed by powerful demographic factors in Egypt and the region."

Egypt's city of Alexandria has been selected as the Capital of Arab Tourism for 2010 and plans for the celebrations were announced yesterday by tourism chief Zoheir Garranah.
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