In the presence of Prime Minister Dr. Mostafa Madbouly and Eng. Randa El-Menshawy, Minister of Housing, Utilities and Urban Communities, National Bank of Egypt (NBE) and Banque Misr announced the signing of a contract with Hyde Park Developments for a new plot of land in the Eastern Extensions area of 6th of October City. The plot covers 415 feddans and is owned by the Egyptian Company for Real Estate Asset Management and Investment, an affiliate of NBE and Banque Misr. The contract is part of the two banks' drive to support economic and social development and strengthen vital sectors.

The signing ceremony was attended by Mohamed El-Etreby, CEO of NBE; Hisham Okasha, CEO of Banque Misr; Yehia Abou El-Fotouh, CEO of Housing & Development Bank (HDB) and chairman of Hyde Park Developments; Eng. Amin Serag, managing director of Hyde Park Developments; Ahmed El-Saeed, executive head of investments and investment custody at NBE; and Karam Salah, head of the Investments Group at NBE and chairman of the Egyptian Company for Real Estate Asset Management and Investment, along with teams from both sides.

Mohamed El-Etreby said the contract is a strategic step in NBE's drive to support vital sectors, foremost among them real estate, given its role in driving development and helping to create jobs.

El-Etreby added that the step strengthens the role of both banks as leading national institutions supporting the Egyptian economy and also supports the performance of the two banks and their subsidiaries. He noted that real estate investment, through cooperation with efficient and reputable companies, is one of the key factors in ensuring the sustainability of projects and maximising the efficiency of assets.

For his part, Hisham Okasha, CEO of Banque Misr, said the partnership reflects Banque Misr's vision of supporting vital sectors and boosting their competitiveness by drawing on institutional capabilities and operational expertise, while adhering to the highest standards of quality and efficiency. He pointed to the promising growth opportunities in the Egyptian market in real estate investment, infrastructure and specialised services, which call for effective partnership models that meet customers' diverse needs and keep pace with their aspirations.

Okasha added that Banque Misr will continue to support investment initiatives that create added value for the national economy, improve the investment climate and support sustainable development, within the framework of Egypt Vision 2030.

Yehia Abou El-Fotouh expressed his pride in the partnership with NBE and Banque Misr, stressing that the contract is an extension of a fruitful strategic relationship between the two sides and supports expansion plans to develop integrated, sustainable urban projects that meet the aspirations of the state and citizens.

Abou El-Fotouh noted that the company's expertise and track record in real estate development, engineering and contracting support its efforts to help stimulate investment and meet demand for integrated residential projects.

Karam Salah said the contract was signed with Hyde Park because it is a reputable real estate developer known for its commitment to completing projects on announced schedules, which will have a positive impact on sales, as well as for the company's investment and legal stability. He added that the company's shareholder structure, which includes NBE, Housing & Development Bank and the New Urban Communities Authority, provides financial and institutional backing that strengthens its ability to execute and deliver projects and reduces the risk of default or construction stoppages.

Eng. Amin Serag said the acquisition of this land marks a major turning point in the growth and expansion of Hyde Park Developments and crowns the company's strategy of consolidating its urban presence in the most vibrant and investment-attractive locations. He said completing the acquisition, which represents the company's fourth and largest project in West Cairo and the tenth in its growing portfolio, clearly reflects its solvency and its firm confidence in the resilience and strength of the Egyptian real estate market. He added that the company is proud that this step comes with the backing of a close partnership with two of the region's most established banks, Banque Misr and National Bank of Egypt, and under the patronage of the Prime Minister and the Minister of Housing. This gives the company strong momentum for the next phase and is clear evidence of the confidence of all government and banking parties in its ability to develop major projects that support the state's comprehensive development goals and redefine integrated development in West Cairo.