%20has%20loaned%20Al%20Daw%20Properties%20$110%20million%20to%20develop%20a%20hotel%20in%20Egypt.jpg "The European Bank has loaned Al Daw Properties $110 million to develop a hotel in Egypt") |
The European Bank (EBRD) has loaned Al Daw Properties $110 million to develop a hotel in Egypt
The European Bank for Reconstruction and Development (EBRD) announced that it is considering providing $110 million in financing to Aldau Properties or one of its subsidiaries to finance the construction of a 400-room hotel in West Cairo, near the Pyramids area. The EBRD stated that the financing will also be used to refinance or consolidate existing debts of Aldau Group's hospitality subsidiaries.
It explained that this financing will be used to finance other capital expenditure-related investments, including the purchase of land and buildings, the renovation of real estate assets, and the financing of future capital expenditures. It added that the financing is part of a broader financing package of up to $265 million, which is expected to be provided in parallel by local and/or international financial institutions.
The European Union has signed an agreement with Egypt to upgrade relations to a "comprehensive strategic partnership" and increase coordination and cooperation between the two sides in various areas related to migration, supporting the Egyptian economy, and other geopolitical reasons.
The Egyptian energy sector is attracting European attention
European Union Ambassador to Egypt Christian Berger recently told the media that European companies are interested in investing in Egypt, as evidenced by the fact that approximately 32% of foreign investments in Cairo are European.
Berger continued that the EU is interested in the Egyptian energy sector, which is an important part of the strategic partnership with Cairo. "We are working on two levels in this regard: the first is importing fossil fuels from Egypt, represented by gas, which is why we signed a memorandum of understanding in this regard two years ago." Europe accounts for 42% of Egyptian gas exports.
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