Monday 13/October/2025 – 02:48 PM
A banking alliance succeeded in concluding a long-term joint financing contract for Sky Innovo to own and divide lands for a maximum of seven years and nine months and at a value of 7 billion pounds to finance part of the investment cost of the Park St Edition project in New Cairo in Golden Square, which amounts to about 16.05 billion pounds.
The alliance includes Banque Misr as the initial main arranger, financing marketer, financing agent, account bank, and lender, the National Bank of Egypt as the initial main arranger, financing marketer, security agent, documents bank, equity account bank, and lender, Abu Dhabi Commercial Bank – Egypt as the technical bank – lender, Al Baraka Bank – Egypt as a lender, and Next Bank as a lender.
Sky Anovo Company
It was signed Financing contract On Wednesday, October 8, 2025, the financing contract was signed by Hisham Okasha, CEO of Banque Misr, Mohamed El Atreby, CEO of the National Bank of Egypt, Ihab El Sewerky, Managing Director and CEO of Abu Dhabi Commercial Bank Egypt, Hazem Hegazy, CEO and Vice Chairman of the Board of Directors of Al Baraka Bank – Egypt, Tamer Seif El Din, CEO and Managing Director of Next Bank, and Ayman Hussein – Founder. Sky Investments and Real Estate Asset Management is a subsidiary of Sky Ownership and Project Management Group and a major shareholder in Sky Innovo Developments. The signing was attended by a distinguished group of leaders from the banks involved in financing and the company.
The Park St. Edition is an integrated project that combines sustainability, health and innovation within an integrated residential, commercial and administrative complex, located in the New Cairo area, where Sky Innovo Land Ownership and Division Company will develop it.
Hisham Okasha, CEO of Banque Misr, stated that the bank’s participation in this financing comes as a continuation of its pioneering role in supporting major projects that have a direct impact on the Egyptian economy, and in line with Egypt’s Vision 2030 and the state’s urban development plans, stressing that the real estate sector is one of the most important strategic sectors that is reflected in many other economic activities and provides direct and indirect job opportunities, indicating that Banque Misr is keen to finance this type of projects. Vital investments that practically serve sustainable development plans.
Hisham Okasha explained Banque Misr’s constant keenness to provide integrated financing solutions, whether for individuals or real estate developers, in a way that meets market needs and supports the growth of new urban communities to alleviate population congestion.
Following the signing, Muhammad Al-Atribi stated that the bank’s participation in financing is an extension of its strategic role in supporting vital sectors and projects that represent a fundamental foundation for economic growth and achieving sustainable development, most notably the real estate development sector, because of its direct role in stimulating economic activity and creating new job opportunities through industries complementary to this activity, in addition to its contribution to meeting the growing demand for residential units in one of the most important new urban areas. Adding that the National Bank of Egypt pays special attention to supporting projects that contribute to increasing investments in infrastructure and integrated services, stressing that the bank’s strategy is based on enhancing its development role in financing sectors that create real added value to the national economy and support the state’s goals in achieving balanced growth and improving the standard of living for citizens.
Engineer Ayman Hussein, founder of Sky Investments and Real Estate Asset Management, a subsidiary of Sky Ownership and Project Management Group, and a major shareholder in Sky Innovo Developments, commented on this important step, saying: This alliance reflects the great confidence that the banking sector attaches to the Park St project. Edition, the first project of Sky Innovo Developments. We are also committed to continuing to launch strong, value-added projects that combine high quality, sustainability, health, and innovation, thus contributing to supporting the national economy and raising the standards of real estate development in Egypt.
He added that the executive plan for the project was launched last year, and during this period the company was able to achieve sales exceeding about 60%, noting that the goal is to reach 23 billion pounds in sales by the end of the project, which reflects the strong demand and growing confidence of customers in the project and its innovative vision.
Karim Kamel, the company’s Chief Financial Officer, said: This alliance is clear evidence of the strength of the company’s financial position. We are keen to develop a balanced financial plan that achieves efficiency in resource management and maximizes returns for investors and customers alike. We also focus on providing flexible financing solutions that provide ownership opportunities to a wider segment of targeted customers.
Ihab Al-Sowerky, Managing Director and CEO of Abu Dhabi Commercial Bank Egypt, stated that the participation of Abu Dhabi Commercial Bank Egypt in this financing comes from the bank’s continued keenness to support and develop the real estate sector, one of the most important vital sectors in the Egyptian economy, and to contribute to advancing sustainable development, adding that the project represents a distinguished model of effective partnership between banking institutions and the real estate sector, as the bank aims through this participation to Enabling real estate developers to implement high-quality projects that contribute to improving the standard of living and providing integrated urban communities.
He stressed that Abu Dhabi Commercial Bank – Egypt places among its priorities supporting the state’s plans for urban expansion and enhancing infrastructure, by providing innovative financing solutions that meet the needs of the real estate market in its various segments, and in a way that achieves sustainable growth of the national economy.
Commenting on this cooperation, Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, said: Al Baraka Bank – Egypt’s participation in this joint financing, with a share of one billion pounds, comes as an extension of the bank’s efforts to provide strategic financing solutions that contribute to supporting major investment projects. The Park St. Edition, affiliated with Sky Innovo Land Ownership and Division in New Cairo, is an example of this, as it is a mixed-use project, and through this participation, the bank continues its commitment to supporting the real estate development sector and promoting investments that contribute to driving economic growth.
Tamer Seif El-Din, CEO and Managing Director of Next Bank, stressed that the bank’s participation in this alliance reflects the bank’s vision in supporting distinguished projects, including the project to establish one of the finest integrated residential and commercial complexes that is based on the combination of distinguished design, integrated services, and a strategic location that makes it an effective addition to the map of urban development in Egypt.
He pointed out that the real estate sector represents one of the main engines of economic growth, plays a pivotal role in providing promising investment opportunities and constitutes a fundamental pillar for promoting development and driving growth. From this standpoint, Next Bank is keen to strengthen its presence in this sector through strategic partnerships and financing high-quality real estate projects.
The banks participating in financing believe in the necessity of concerted efforts in order to support the state’s plans to advance the national economy, and are keen to play their vital role in supporting all activities that reflect positively on sustainable development plans.
