Arab Finance: Al Ahli Sabbour has signed a long-term syndicated financing agreement valued at EGP 4.4 billion with Commercial International Bank Egypt (CIB) and Suez Canal Bank, according to a press release.

The six-year financing agreement will fund the development of the Summer project on the North Coast, located in the East Sidi Heneish-Ras El Hekma area.

It will be used to accelerate construction while enabling the company to deliver the project within its targeted timeline and quality standards.

This will also strengthen Al Ahli Sabbour's objectives to develop integrated urban communities that cater to evolving customer demands and provide sustainable investment value.

Under the agreement, CIB serves as the lead arranger, bookrunner, facility agent, and account bank, while Suez Canal Bank acts as the lead arranger, bookrunner, security agent, and intermediary account bank. Meanwhile, Sarie-Eldin & Partners has been appointed as legal counsel to the lenders.

The facility reflects the Egyptian banking sector's ability to structure large-scale financing solutions that back strategic real estate developments in line with the country's urban expansion plans.

With more than three decades of experience, Al Ahli Sabbour has developed a portfolio of over 65 projects spanning 4,381 acres.