Rawasi for Urban Development, a joint venture between the National Bank of Egypt (NBE) and Banque Misr (BM), plans to issue securitization bonds worth EGP 1bn this week, according to informed sources.
The sources told Daily News Egypt that the issuance is in the final stages, waiting for the approval of the Financial Regulatory Authority. They expected that the issuance would be completed this week.
The sources said that Al Ahly Pharos acted as the financial advisor, Al-Derini & Partners acted as the legal advisor, and KPMG Hazem Hassan acted as the auditor for the issuance.
Rawasi for Urban Development is a company equally owned by NBE and BM, with a capital of EGP 200m. The company contributes to the development of real estate assets worth up to EGP 9bn in Madinaty City, in cooperation with the Arab Company for Projects and Urban Development, a subsidiary of Talaat Moustafa Group.
The company is the second joint venture between NBE and BM in the field of urban development. The two banks also established First Design company to own and manage the assets that were launched in cooperation with the Arab Company for Projects and Urban Development.
In June 2021, NBE and BM completed their acquisition of real estate assets in the Madinaty project, owned by Talaat Moustafa Group, for EGP 9bn.