QNB Egypt and MARAKEZ Secure EGP 5.5 Billion Financing for District 5 Development
Financing Agreement Details
Cairo – QNB Egypt, a subsidiary of the prominent QNB Group, has finalized a medium-term financing agreement valued at EGP 5.5 billion with MARAKEZ, one of Egypt’s leading mixed-use developers. This financial arrangement is aimed at facilitating the investment costs associated with the residential and commercial expansion of the District 5 project, which encompasses 268 acres in East Cairo.
District 5 is envisioned as a flagship mixed-use destination, integrating residential communities, commercial spaces, and diverse lifestyle offerings. This agreement is a significant step in QNB Egypt’s strategy to bolster large-scale developments and enhance the real estate sector, aligning with Egypt’s national agenda to foster new urban communities and promote sustainable economic growth.
Key Signatories and Statements
The agreement was officially signed by Mr. Mohamed Bedeir, Chief Executive Officer of QNB Egypt, and Mr. Ahmed Demerdash Badrawi, Executive Vice Chairman of MARAKEZ. The signing ceremony was attended by senior representatives from both organizations, including Mohamed Khairat, Assistant CEO & Chief Business Officer at QNB Egypt, and Mr. Osama Ezzo, Chief Financial Officer of MARAKEZ.
In his remarks, Mohamed Bedeir emphasized QNB Egypt’s commitment to empowering key players in the Egyptian market through customized financing solutions that adhere to international best practices. He noted that supporting large-scale developments, particularly in real estate, is crucial for accelerating economic activity and creating job opportunities across interconnected industries.
Ahmed Demerdash Badrawi highlighted the significance of this financing, describing it as a pivotal milestone for District 5 and MARAKEZ’s broader portfolio. He stated that it enhances capital efficiency, expedites project timelines, and strengthens their commitment to delivering high-quality mixed-use developments ahead of schedule.
District 5: A Comprehensive Development
District 5 is recognized as one of MARAKEZ’s flagship mixed-use developments, designed to provide an integrated community with essential services and recreational facilities. Strategically located in East Cairo, it is in proximity to the business district, the American University in Cairo, and 90th Street, with a mere 20-minute commute to Cairo International Airport. The project features a modern administrative area, a residential district, and a shopping mall that showcases a variety of local and international brands across retail, sports, fashion, and food and beverage sectors.
About QNB Egypt
QNB Egypt operates as a subsidiary of QNB Group, a leading financial institution in the Middle East and Africa. The bank aims to solidify its position as the preferred banking partner for customers in Egypt, offering world-class financial services and high-quality support for both corporate and retail clients. QNB Egypt is also dedicated to social responsibility, focusing on sustainable development and delivering optimal returns to shareholders.
The bank serves over 1,961,694 customers through a workforce of more than 7,680 specialized bankers. Its extensive branch network includes over 238 branches, 920 ATMs, and more than 38,960 Point-of-Sale terminals, ensuring comprehensive service coverage across Egypt, complemented by a 24/7 customer contact center.
QNB Egypt has diversified its offerings by establishing several subsidiaries, including QNB Leasing in 1997 and QNB Life Insurance in 2003, which provides a wide range of life insurance and savings products. In 2012, the bank launched QNB Factoring, a financial institution that offers various local and international factoring services.
About MARAKEZ
MARAKEZ stands as one of Egypt’s largest mixed-use developers, boasting a portfolio of projects characterized by one of the highest recurring revenue profiles in the country. Its flagship project, the Mall of Arabia in West Cairo, anchors a range of developments, including AEON, the first residential project featuring residential towers in 6th October City, as well as District 5, which is recognized as East Cairo’s premier mixed-use development in New Katameya. Additional projects include the Mall of Tanta, which opened in 2019, Town Center in 2020, and the Mall of Mansoura.
For further information about MARAKEZ, please visit MARAKEZ.
Source: www.zawya.com
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Published on 2026-04-26 17:21:00 • By the Editorial Desk
