By Eman Hamed
Saudi Egyptian Developers has signed a long-term financing agreement with the National Bank of Egypt worth one billion EGP. The loan is intended to fund part of the investment cost of the “Bleu Vert” project in the New Administrative Capital, with the total investments of approximately 5.2 billion EGP.
Engineer Mohamed El-Taher, CEO of Saudi Egyptian Developers, expressed his satisfaction and happiness with the collaboration with the National Bank of Egypt. He emphasized that the loan represents a new vote of confidence in the capabilities of Saudi Egyptian Developers, which has a distinguished track record of success in the real estate development sector in the Egyptian market for over half a century. The company has undertaken numerous, diverse, and mixed-use real estate projects in Cairo and various governorates of Egypt.
El-Taher added that the signed financing agreements between the two parties will contribute to the strategic implementation of the company’s plans for developing its projects within the framework of the general plan for the New Administrative Capital. The ” Bleu Vert ” project is strategically located at the heart of the New Administrative Capital on a 70-acre site, with a direct view of the “Ben Zayed” Axis, minutes away from the Opera House, the Central Business District, and the Ministries District. It comprises 1,400 residential units of various types, including Studios, apartments, twin villas, and townhouses, offering diversity for different clients to choose the most suitable residential model they prefer. The project also includes extensive green spaces, and integrated service areas such as the social club and commercial centers.
Al-Taher noted that a new phase of the ” Bleu Vert ” project was launched at the beginning of the current year 2023, with payment plans starting from 5% down payment & up to 8 years of installment. He commended the significant facilitations provided by Egyptian banks, especially the National Bank of Egypt, to support Egyptian real estate developers in enhancing their business and supporting their development plans within the Egyptian state’s urban development plan, particularly in the New Administrative Capital, which serves as the address for the new republic as a smart city of the fourth generation.
The delivery of the ” Bleu Vert” project is expected to commence in 2024 after contracts were signed with major construction companies such as REDCON construction for the building of villas and residential apartments, and ” Kharafi National ” for the implementation of the infrastructure of the project.