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"Taj Misr & SAIB Bank Sign EGP 990mn Loan for Taj Tower"

Taj Misr & SAIB Bank Sign EGP 990mn Loan for Taj Tower

Cairo, Egypt – Egyptian International Construction Company and Taj Misr Developments have signed an EGP 990 million medium-term loan agreement with SAIB Bank to finance part of the investment cost of the landmark Taj Tower in the New Administrative Capital, valued at EGP 4.8 billion.

The agreement was signed by Mostafa Khalil, Chairman and Managing Director of Egyptian International Construction Company and Taj Misr Developments, and Afdal Naguib, CEO and Managing Director of SAIB Bank, in the presence of senior executives from both sides.

Khalil emphasized that the partnership with SAIB Bank will accelerate the completion of Taj Tower, strategically located on the northern Mohamed Bin Zayed axis, directly opposite the Iconic Tower. He noted that 35% of construction is already completed on the 8,000 sqm tower, with delivery planned for 2027.

Meanwhile, Naguib affirmed that the financing aligns with the bank’s strategy to support large-scale real estate developments that contribute to job creation, industry growth, and Egypt’s Vision 2030. He highlighted that the agreement underscores SAIB Bank’s commitment to expanding strategic partnerships and delivering innovative financing solutions that drive economic growth.

This collaboration reflects the synergy between Egypt’s banking sector and real estate developers, reinforcing national economic development and positioning Taj Tower as a key commercial and administrative landmark in the New Capital.

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