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Egypt,Saudi Arabia : SAUDI COMPANY obtains loan for the building of a mall in EGYPT

August 7, 2014

The International Finance Corporation of the World Bank and the European Bank for Reconstruction and Development declared that a Saudi company will obtain two loans each worth $60 million.

The loan is aiming at allocating to the construction process of the Mall of Arabia in October 6 City in Cairo. About $20 million will be provided by the International Commercial Bank (ICB) to the company for the same project.

The Egyptian Centers For Real Estate Development (ECRD), the Saudi-owned company, will obtain the total of $140 million to conclude the project. The Mall of Arabia is one of the major shopping centres in October 6 City in Greater Cairo.

The Mall of Arabia is held by ECRD, itself jointly owned by three brothers from the Saudi Hukair family. After completion, the project can create 6,300 permanent jobs, along with 1,200 temporary jobs during the time of construction.

According to the International Finance Corporation, it has spent $1 billion in 15 projects in Egypt since 2011.

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Source: TendersInfo (India)

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