MEMPHIS REISEN

NBE acquires 24% share in Hyde Park Developments – Dailynewsegypt

The National Bank of Egypt (NBE) has purchased the Egyptian Arab Land Bank’s 24% share in the capital of Hyde Park Developments.

According to Hisham Okasha, NBE Chairperson, this deal represents a promising investment opportunity that aligns with the bank’s strategy to diversify its investment activities and strengthen its presence. Yehia Abou El-Fotouh, Vice Chairperson of NBE, expressed pride in completing the transaction, emphasizing its potential impact on real estate market recovery. The real estate sector is crucial for the Egyptian economy.

Hyde Park, a leading company in real estate investment within new cities and urban communities, boasts a licensed capital of EGP 10bn. Its land portfolio exceeds 6 million square meters, enabling the establishment of several projects. Notable among these are the Hyde Park project in Fifth Settlement (1,177 feddan), the Towny project in 6th of October City (31 feddan), the Garden Lake project in 6th of October City (69 feddan), and the Hyde Park project in the North Coast (240 feddan). During the first nine months of 2023, the company achieved revenues exceeding EGP 2bn.

The financial and tax due diligence work was conducted by the BDO office, Muhannad Khaled Taha and Co., while the legal aspects were handled by the office of Zaki Hashem. Al-Ahly Pharos Securities Brokerage Company facilitated the deal.