Redcon’s Golden Gate Project is financed with EGP 4.2 billion coordinated by FABMISR.
Redcon’s Golden Gate Project is financed with EGP 4.2 billion coordinated by FABMISR.
Egypt’s booming real estate sector has received a substantial boost with a strategic financial move led by First Abu Dhabi Bank Misr (FABMISR). The bank has taken the lead in establishing a massive EGP 4.2 billion syndicated loan to finance the first phase of Redcon Properties’ much anticipated Golden Gate project, which is situated New Cairo.
The financing package is expected to support one of Egypt’s most ambitious mixed-use developments, blending urban innovation with sustainability.
Initially targeted at EGP 3.5 billion, the loan was raised to EGP 4.2 billion after strong demand from the banking sector led to an oversubscription. The deal’s expansion through a greenshoe option underlines the high level of confidence Egypt’s financial institutions place in the Golden Gate vision and in Redcon’s development capabilities.
A Collaborative Banking Effort
FABMISR’s role in this deal has been multi-faceted. Not only did it act as the initial mandated lead arranger, but it also took on responsibilities as bookrunner, facility agent, security agent, and account bank. These multiple functions highlight the bank’s leadership in structuring large-scale financing deals in Egypt.
A number of significant institutions are joining FABMISR in this collaborative financing endeavor. Al Baraka Bank Egypt and Abu Dhabi Commercial Bank were obliged to participate as lead arrangers, whereas Arab Bank and Emirates NBD Egypt did so. The participation of such prestigious organizations shows widespread support for the project and a greater faith in Egypt’s real estate market.
A Visionary Development in New Cairo
The Golden Gate project, developed by Redcon Properties, is set to transform a prime area of New Cairo into a vibrant, sustainable urban center. Located along South 90th Street—one of the city’s most important commercial corridors—the project is just across from the American University in Cairo and within walking distance from a planned monorail station, boosting its connectivity and desirability.
The development spans a significant area and is envisioned as a fully integrated, mixed-use hub featuring retail outlets, business spaces, entertainment venues, and administrative buildings. One of its standout features will be a two-level underground parking facility with a capacity of 250,000 square meters, designed to accommodate high visitor volumes while minimizing surface congestion.
Sustainability at Its Core
What sets Golden Gate apart is its green blueprint. The project is designed with a strong focus on sustainability and environmental responsibility. Through the use of smart technologies and energy-efficient infrastructure, Redcon aims to reduce service and maintenance costs by up to 40%. Moreover, the project incorporates renewable energy sources and eco-friendly materials, setting a benchmark for green construction in Egypt.
Redcon Properties has emphasized that this development will be one of the largest environmentally-conscious projects in the country. It is a significant move that aligns with both Egypt’s sustainable development goals and global trends in eco-urbanization.
Stakeholder Insights
FABMISR’s CEO, Mohamed Abbas Fayed, expressed pride in leading the financing for a project of such national importance. He underlined that the deal demonstrates the bank’s contribution to the private sector’s innovation and economic growth in Egypt. “This financing is more than just capital—it’s a vote of confidence in Egypt’s future and in the local real estate market,” he noted.
Tarek ElGamal, Chairman of Redcon Properties, said that the financial backing from these prominent institutions will accelerate the construction of Golden Gate. He highlighted the project’s potential to redefine urban living in Egypt and act as a catalyst for modern, community-focused developments.
This view was supported by Redcon CEO Ahmad Touni, who described the financing as a vital component in realizing the project’s goal. He revealed that the first phase of the Golden Gate development carries an estimated investment of EGP 24.3 billion, and this syndicated loan will contribute significantly to meeting those costs.
Banking Partners Show Confidence
Other banking executives also shared their views on the deal. Hazem Hegazy, The deal, according to the CEO of Al Baraka Bank Egypt, is a significant turning point that fits with the bank’s approach of supporting initiatives that have an influence on society and the economy. Meanwhile, Ehab El Sewerky of ADCB Egypt and Amr El Shafei of Emirates NBD Egypt reiterated their banks’ commitment to supporting strategic development initiatives that align with Egypt’s long-term goals.
All parties emphasized that their participation was not merely financial but also a commitment to supporting responsible urban development and infrastructure transformation across the nation.
A Model for Future Urban Development
The financing of the Golden Gate project represents a new chapter for Egypt’s infrastructure and real estate sectors. As the country moves ahead with its Vision 2030 roadmap, which prioritizes sustainable development and private sector collaboration, this project serves as a tangible example of what can be achieved through coordinated financial and urban planning.
Golden Gate, which will provide a contemporary, integrated, and ecologically sensitive urban experience, is anticipated to become a hallmark attraction in Cairo once it is finished. It will also provide new job opportunities, boost local businesses, and attract further investment to Egypt’s property market.
The image added is for representation purposes only
