A banking alliance comprising Banque Misr, Banque du Caire, National Bank of Egypt (NBE), Housing & Development Bank, and Suez Canal Bank has successfully concluded a long-term joint Islamic financing agreement under the Mudaraba structure in favor of Inertia Egypt for Real Estate Development. The financing, amounting to EGP 5.2 billion with a maximum term of six years, will fund part of the investment cost of the Jefaira project, located in Ras El Hekma, North Coast.
The financing agreement was signed on Monday, October 20, 2025, in the presence of senior executives from the participating banks and Inertia Egypt.
The Jefaira project is a fully integrated urban development in Ras El Hekma on Egypt’s North Coast, covering approximately 2.7 million square meters. The project comprises ten residential phases and is being developed by Inertia Egypt for Real Estate Development.
The financing alliance includes:
- Banque Misr – acting as the Initial Lead Arranger, Mandated Lead Arranger, Facility Agent, Security Agent, and Accounts Bank.
- Banque du Caire – acting as Initial Lead Arranger, Mandated Lead Arranger, and Capital Account Bank.
- National Bank of Egypt (NBE) – acting as Initial Lead Arranger and Mandated Lead Arranger.
- Housing & Development Bank (HDB) – acting as Lead Arranger and Technical Bank.
- Suez Canal Bank – acting as Lead Arranger and Debt Service Account Bank.
The transaction’s legal advisor is Matouk Bassiouny & Hennawy, while Engineering Consultants Group (ECG) serves as the independent technical advisor, and Bakertilly (Wahid Abdel Ghaffar & Co.) acts as the financial advisor for the financing.
Amr Demerdash, Head of Corporate Credit and Syndicated Loans at Banque Misr, expressed the bank’s pride in leading banking alliances that support projects with a positive impact on Egypt’s economy. He emphasized that Banque Misr’s participation aligns with its strategy to bolster key economic sectors that directly contribute to national growth. The real estate sector, he noted, is one of the most vital drivers of the economy, given its strong linkages to many supporting industries and its ability to create numerous job opportunities that serve Egypt’s sustainable development goals.
Demerdash also commended the efficient cooperation among the teams of all participating banks, which led to the successful completion of the joint financing. He highlighted that the banks’ well-trained teams played a crucial role in preparing the necessary studies and executing the transaction with high professionalism.
Hesham Mohy, Head of Syndicated Loans and Structured Finance at Banque du Caire, stated that the bank’s participation reflects its continued commitment to supporting Egypt’s growing real estate sector and reinforces Banque du Caire’s position in the syndicated loan market. He added that the collaboration strengthens the bank’s strategic relationship with Inertia Egypt and supports the company’s expansion in real estate development, particularly in the North Coast — a fast-growing investment destination for local and international developers in line with Egypt’s urban development strategy for the area.
Sherif Riyad, CEO of Corporate Banking and Syndicated Loans at the National Bank of Egypt, said that the alliance aims to provide Inertia Egypt with the financial resources needed to accelerate construction works at Jefaira. This, he explained, supports the government’s vision of transforming the North Coast from a seasonal resort into an integrated urban, touristic, and residential destination with strong infrastructure. Riyad reaffirmed NBE’s commitment to funding projects across vital sectors, especially private real estate development, as part of its role in stimulating Egypt’s economic growth and attracting local and foreign investments.
Tamer Negm, Deputy Managing Director for Corporate Credit, Syndicated Loans, Treasury, and Investment at Housing & Development Bank, expressed his pride in HDB’s participation in this prominent syndicated financing, alongside leading banks in the Egyptian market. He noted that this cooperation reflects the bank’s strategic focus on supporting large-scale investment and urban development projects by offering tailored financial solutions that stimulate investment and economic growth, in line with Egypt’s national development vision.
Negm emphasized that partnering with Inertia Egypt reflects the banking sector’s confidence in major real estate and tourism projects. He added that Jefaira – Ras El Hekma marks a new milestone in developing integrated urban communities that align with Egypt’s plans for the sustainable development of the Northwestern Coast, enhancing the region’s investment appeal, creating jobs, and contributing to national economic growth.
Haitham El Kibrsly, Head of Corporate Credit and Investment Banking at Suez Canal Bank, stated that the bank’s participation confirms its commitment to strengthening its position as a leading financier of major projects. He added that the Jefaira financing aligns with the bank’s vision to support urban development in the North Coast, helping to create jobs and attract more investment in real estate and tourism sectors.
Sayed El Feky, Head of Corporate Finance and Investment Banking at Suez Canal Bank, added that the financing represents the culmination of months of coordinated efforts to design a comprehensive Islamic Mudaraba structure that balances project needs with fair returns for participating banks. He stressed that the deal showcases the alliance’s ability to design innovative financing solutions that align with Egypt’s goal of diversifying funding mechanisms and supporting real estate development in the North Coast.
Finally, Eng. Ahmed El Adawy, CEO of Inertia Egypt, stated that the signing marks a vote of confidence in Inertia and reflects the banking sector’s strong belief in the importance of accelerating urban development across Egypt. He expressed pride in the company’s ongoing partnership with some of the most prominent Egyptian banks, through which Inertia secured a long-term financing of EGP 5.2 billion. El Adawy emphasized that the funding will help boost construction progress in the Jefaira North Coast project, strategically located in Ras El Hekma, and reflects confidence in Inertia’s high-value, impactful real estate developments.
The participating banks reaffirmed their commitment to supporting Egypt’s national economic development plans and to playing their essential role in financing projects that contribute positively to sustainable growth.
