The National Bank of Egypt (NBE) signed a long-term investment financing contract of EGP 723.5m with Al-Hokair Group’s Magic Land, to finance 65% of the investment cost (about EGP 1.119bn) of the company’s entertainment project which includes an amusement park, restaurants, and playgrounds within the free zone in 6th of October City, owned by the Egyptian Media Production City Company.
Hisham Okasha, Chairperson of the National Bank of Egypt, said that the financing comes within the framework of the bank’s continuous support for the tourism sector in Egypt, which is one of the most important economic sectors, and the development of partnership with investors from the Kingdom of Saudi Arabia and attracting direct foreign investments. The project also provides many job opportunities, which encourages the National Bank of Egypt to supporting this sector on a permanent and growing basis with the aim of restoring the strength of tourism and cultural activity, developing tourism facilities and raising the level of their readiness to receive thousands of citizens, which the bank adopts in granting these credit facilities for investment and national projects in Egypt to serve the national economy.
Sami Abdul Mohsen Al Hokair, Chairperson of Magic Land and Managing Director Al Hokair Group, expressed his thanks to the work team of the National Bank of Egypt and his pride in cooperation with the bank and its effective role in successfully completing the financing contract in accordance with the requirements of the funded project, praising the role of the bank It is prominent in providing the necessary funding for the company, with the aim of establishing an integrated entertainment city, including the necessary services for its operation, in a manner that serves and achieves the strategy of the tourism and service sector in Egypt.
Al-Hokair confirmed that the facilities granted by the National Bank of Egypt are clear evidence of the strong trend towards supporting tourism and service activity and working to support it to face all global economic challenges.
Yahia Abou El Fotouh, Deputy Chairperson of the National Bank of Egypt, added that the financing contract comes within the state’s plan to develop all facilities of a special nature, as it is one of the recreational tourist places in Egypt, including the amusement park, especially since the production city is characterized by a strategic location due to its proximity to the pyramids and the Grand Egyptian Museum, which is scheduled to be opened soon, which will reflect the attraction of tourists, which, accordingly, will lead to the growth of foreign currency inflows and the achievement of added economic value.
Sherif Riyad, CEO of Corporate Banking Credit and Syndicated Loans at the NBE, explained that the financing value amounts to about EGP 723.5m, with a contribution of 65% of the total investment costs amounting to about EGP 1.119bn, with a financing period of up to 7 years, indicating that the group will provide all the project needs from the foreign component, and this project is the beginning of the group’s investments in Egypt, and the financing aims to keep pace with the latest international systems and standards for entertainment cities.