The National Bank of Egypt has arranged a syndicated financing facility worth EGP 1.42 billion for Al Qamzi Developments to cover part of the investment costs for the first and second phases of the SEAZEN project on Egypt's North Coast. NBE serves as facility agent, lead arranger, documentation bank, and bookrunner with a EGP 920 million participation, while Bank Al Baraka Egypt joins as an arranger contributing EGP 500 million.
The signing ceremony was attended by Mohamed El-Etreby, CEO of the National Bank of Egypt; Hazem Hegazy, CEO and Vice Chairperson of Bank Al Baraka Egypt; Soha El-Turky, Deputy CEO of NBE; Yasser Zeidan, Chairperson of Al Qamzi Developments; along with senior representatives from both banks and the company.
Mohamed El-Etreby stated that NBE's involvement in the syndicated facility reflects the bank's strategy to offer integrated financing solutions supporting clients' expansion and contributing to sustainable economic growth. He emphasized that real estate development is a key sector for job creation and economic activity, adding that NBE is committed to forging effective banking partnerships to finance projects with genuine economic value, especially those promoting sustainable urban development in line with the state's vision for comprehensive growth.
Hazem Hegazy expressed pride in Bank Al Baraka Egypt's EGP 500 million contribution, noting the project's role in generating jobs and adding societal value. He called SEAZEN a qualitative addition to North Coast developments, highlighting the Egyptian banking sector's capacity to back major initiatives advancing national economic and urban goals. "We will continue to play a pivotal role in financing strategic projects with tangible impacts on the Egyptian economy," Hegazy affirmed.
Soha El-Turky remarked that the financing demonstrates NBE's confidence in Al Qamzi's financial strength, operational expertise, and the viability of SEAZEN, which she described as a distinctive North Coast addition. She noted that the facility aligns with NBE's support for national urban plans and partnerships with the private sector to build integrated, sustainable communities, pledging continued backing for impactful projects that drive growth and enhance Egypt's development potential.
Yasser Zeidan said Al Qamzi is accelerating construction across its projects, including SEAZEN, aiming to complete developments ahead of schedule and start early handovers. He viewed the syndicated financing from Egypt's top banks as a strong endorsement of the company's credibility, execution skills, and founders' experience in delivering large-scale projects in Egypt and the UAE, with SEAZEN achieving high progress rates as a leading North Coast development.
SEAZEN covers 204 feddans at kilometer 170 in the Dabaa area on the North Coast, with total investments around EGP 23 billion. It features fully finished residential units from chalets to villas, terraced designs rising over 52 meters above sea level for direct sea views from many units. Green spaces comprise more than 85% of the area, complemented by comprehensive facilities and services for all age groups.