The Abu Dhabi Islamic Bank-Egypt (ADIB) and Ora Developers Egypt, a member of Gemini Holding, have signed an EGP 200m financing agreement to support the development and upgrading of the Sheikh Zayed Central Park.
The project is expected to contribute to transforming the park into a new facility for the residents of Sheikh Zayed City with its facilities and activities, such as sports complexes, as well as a range of restaurants and cafeterias, walkways and cycling paths, and a children’s play area.
CEO and Managing Director of ADIB-Egypt, Mohamed Aly, said that this project will have a direct impact on developing the concept of recreational life, expecting a major leap in the standard of service delivery in this area.
He added, “We at ADIB-Egypt are always striving to grow, expand, and support our collaborative efforts with large corporations, as well as local and international institutions.”
For his part, Chairperson of Aura Developers Holding, Naguib Sawiris, said that the vision of the company depends on the establishment of vibrant projects, and contributes to improving the quality of life for the population, which creates modern societies based on the concepts of innovation and sustainability, and provides a new and distinctive lifestyle.
Sawiris pointed out that Ora employs companies that have a proven track record of successfully building integrated communities which combine modern design with innovation, both inside and outside Egypt.
He added that a project such as the development of the Zayed Central Park is in line with these entrenched concepts and contributes to providing direct and indirect job opportunities in the interest of the national economy.