Fawaz Al Hokair boosts his Egyptian real estate assets with $135m IFC loan
One of the largest Saudi shopping centre developers will receive two loans for its projects in Egypt.
07/04/2020 at 16h35, by Africa Business+
The package from the International Finance Corporation (IFC) will be divided into two tranches: an initial $45m tranche will be allocated to Egyptian Centers for Real Estate Development (ECRED) – a shopping centre-focused subsidiary of Saudi holding company Fawaz Abdulaziz Al Hokair, while a second $90m tranche will be granted to FAS Saudi Holding Company, another company owned by the Saudi group, to refinance its capital contribution in ECRED.
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