A banking consortium led by Banque Misr, in cooperation with Abu Dhabi Commercial Bank–Egypt (ADCB), has arranged a syndicated loan facility amounting to EGP 1.3bn for the Middle East for Real Estate & Tourism Investment Company, a subsidiary of Palm Hills Developments. The long-term facility will finance part of the investment cost for the development of a 200-room hotel under the “Casa Cook” brand in Hacienda White 1, located on Egypt’s North Coast.
Banque Misr acted as the initial mandated lead arranger, book-runner, facility agent, security agent, account bank, and debt service reserve account bank, demonstrating its leading role in structuring and managing the transaction.
The agreement was signed by Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr; Hisham Abbas, Head of Financial Institutions and Corporate Banking at ADCB–Egypt; and Aly Thabet, Executive Board Member for Financial Affairs at Palm Hills Developments. The signing ceremony was attended by senior executives from the participating banks and the real estate group.
Strategic Support for Tourism and Real Estate
Commenting on the agreement, Mohamed Khairat noted that Banque Misr’s participation is aligned with its ongoing strategy to support Egypt’s key economic sectors, particularly tourism. He emphasized the sector’s critical role as a generator of foreign currency, a driver of GDP growth, and a catalyst for job creation through its strong linkages with supporting industries and services.
“This financing reflects our commitment to sustainable development and to promoting employment across various fields,” Khairat said. “We are proud to support tourism investments that contribute to the national economy and enhance Egypt’s position as a premier destination.”
He also praised the high level of cooperation between the teams at both banks, crediting their professionalism and efficiency for the successful execution of the complex financial transaction. Khairat highlighted the importance of technical expertise in structuring and closing syndicated loans of this scale.
ADCB Reaffirms Commitment to National Projects
Hisham Abbas of ADCB–Egypt emphasized the importance of the bank’s partnership with Palm Hills Group, particularly in the tourism and real estate sectors—two vital pillars of the Egyptian economy.
“This loan underscores our commitment to supporting the local economy and financing landmark projects that promote sustainability and empower the private sector,” Abbas said. “It reflects our strategy to back large-scale developments that contribute to national economic growth.”
He also praised the successful collaboration with Banque Misr and expressed optimism for future joint efforts to finance major national initiatives, stressing that Egypt’s banking sector is a key engine of development.
Palm Hills Expands Hospitality Footprint
Tarek Tantawy, CEO and Managing Director of Palm Hills Developments, expressed his appreciation for the continued partnership with both banks. He said the syndicated loan will accelerate the development of one of the group’s flagship hospitality projects, branded under Casa Cook, a global luxury boutique hotel concept.
“This project represents a strategic move to diversify our investment portfolio and deepen our presence in the hospitality sector,” Tantawy explained. “We aim to operate the hotel year-round, creating sustainable tourism value and helping to position the North Coast as a global destination.”
He added that the project is in line with Egypt’s national efforts to attract tourism investment and enhance the region’s infrastructure and services.
Echoing this sentiment, Aly Thabet of Palm Hills said the financing deal is a testament to the company’s strong financial performance and the confidence that leading banks place in its long-term vision.
“This collaboration strengthens our ability to access diverse funding sources and reflects our flexibility and efficiency in capital management,” Thabet said. “We remain focused on delivering impactful hospitality projects that meet market needs while supporting our strategic expansion goals.”
