alBaraka Bank signed a financing agreement worth EGP 350m with Dar Al-Mimar Construction (DMC), with the aim of financing the extension of Mountain View (1) project in New Cairo. This comes within the framework of the bank’s strategy, which is in line with the directives of the Central Bank of Egypt, to support development efforts in the real estate sector and to finance major companies and institutions operating in the Egyptian market.
Hazem Hegazy, CEO and Vice Chairperson of alBaraka Bank, said that DMC is responsible for carrying out contracting works for Mountain View Group and many other real estate developers.
Hegazy highlighted the bank’s keenness to cooperate with major companies supporting the Egyptian economy, especially those operating in the real estate sector being one of the most important sectors driving the market at the present time.
He added: “Financing the Mountain View Phase One project supports the real estate sector and the construction system in Egypt. Moreover, DMC enjoys high confidence as it is affiliated with the DME Holding Group, and it also has a long history of experience in the construction sector. It has succeeded during the past thirty years to be the first choice for major real estate development companies and to provide its customers with the highest quality standards, in addition to its reliance on advanced engineering systems.”
For his part, Sherif Soliman, CEO and Managing Director of DMC said that the new financing will be allocated for the development and carrying out expansions of the Mountain View project.