Matouk Bassiouny & Hennawy (MBH) acted as legal counsel to the Arab African International Bank (AAIB) for a medium-term facility contract worth EGP 3.5 billion with Tatweer Misr. The financing, split into EGP 1.7 billion and EGP 1.8 billion, supports the construction and development costs of Tatweer Misr’s Bloomfields and Il Monte Galala projects, respectively.
MBH played a key role in representing AAIB throughout the transaction, crafting the loan agreement, finance documentation, and security documentation, while also negotiating on behalf of AAIB. The agreement aims to provide financial support for Tatweer Misr’s ambitious projects, including the Il Monte Galala beachfront development in Ain Sokhna and the Bloomfields residential compound in New Cairo.
Tatweer Misr has established itself as a major real estate developer in Egypt, offering innovative mixed-use projects that enhance community living. The financing agreement signifies a strategic move to meet the increasing demand for integrated living spaces.
Notably, Tatweer Misr has outlined plans to deliver 2000 residential units annually over the next few years as part of its commitment to meeting housing needs and fostering sustainable development.
MBH team advising on the transaction was led by Ashraf Hendi (Partner, pictured), and assisted by Iman Nassar (Senior Associate), and Nouran Azab (Junior Associate).