Supporting strategic investments and enhancing the tourism sector: The National Bank of Egypt arranges an EGP 6.06 Billion syndicated loan for the "Fairmont Sun Capital" project in the Pyramids Area

19/02/2026

Supporting strategic investments and enhancing the tourism sector: The National Bank of Egypt arranges an EGP 6.06 Billion syndicated loan for the "Fairmont Sun Capital" project in the Pyramids Area
The National Bank of Egypt (NBE) has announced that it has successfully arranged and managed a long-term syndicated loan worth up to EGP 6.06 billion for "Arabia Hotels." This financing is intended to cover part of the investment costs for the construction of the "Fairmont Sun Capital" hotel, which will feature 490 rooms and suites, along with restaurants, meeting halls, a health club, associated service buildings, and serviced apartments managed according to the highest international standards in the Pyramids area. This move comes as part of NBE’s pivotal role in supporting strategic investments and national projects with sustainable economic impact, while boosting the growth of the Egyptian tourism sector.
The National Bank of Egypt acts as the facility agent and security agent within a banking consortium that includes The United Bank, the Industrial Development Bank (IDB), Kuwait Finance House – Egypt (KFH-Egypt), The Agricultural Bank of Egypt, and Al Baraka Bank. This reflects a model of banking collaboration in financing major projects with high economic viability.
Mohamed El-Etreby, Chief Executive Officer, The National Bank of Egypt, affirmed that arranging this financing is an extension of the bank’s commitment to supporting major investment projects that contribute to enhancing the competitiveness of the national economy. He noted that the project represents a qualitative addition to luxury tourism infrastructure in Egypt and contributes to maximizing investment returns and creating sustainable job opportunities during both construction and operational phases.
He highlighted that the project’s strategic location near the Giza Pyramids and adjacent to the Grand Egyptian Museum (GEM) provides a unique advantage that enhances its tourism and investment appeal, supports increased occupancy rates, and positively impacts investment returns and project sustainability. He added that the financing structure was designed to align with the project’s nature, while adhering to the best practices of governance and risk management. El-Etreby emphasized that NBE pays special attention to financing projects that support the state’s goals of increasing hotel capacity, enhancing the competitiveness of the Egyptian tourism destination globally, and achieving sustainable growth in the tourism sector, which is one of the most important sources of national income and a key supporter of foreign currency inflows.
El-Etreby added that expanding major hotel projects is a fundamental pillar for supporting the national economy, due to their direct and indirect economic impacts, including stimulating the transport, services, construction, and supply chain sectors, in addition to maximizing the value-added of the tourism and historical assets surrounding the project.
Soha El-Turky, Deputy CEO, The National Bank of Egypt, explained that selecting a global hotel management company with established expertise enhances the project’s chances of success and operational sustainability, and contributes to raising the competitiveness of Egyptian tourism in line with the state’s integrated urban development plans. She added that the project supports increasing the capacity for luxury hotel rooms in one of the world's most attractive tourist areas, meeting the growing demand for luxury tourism and international conferences and events. This contributes to increasing the average tourist expenditure and extending the duration of stay, which positively impacts state revenues in foreign currency.
Sherif Riad, CEO of Corporate Banking and Syndicated Loans, The National Bank of Egypt, stated that the financing structure was designed to fit the investment nature of the project, with long-term repayment periods aligned with the execution, operational, and expected cash flow stages. This ensures the project’s financial sustainability and achieves a balance between financing requirements and banking risk management according to best professional standards.
Tarek Fayed, Chief Executive Officer and Managing Director, The United Bank, emphasized that the bank is a national partner in supporting the Egyptian tourism growth system and achieving comprehensive development in accordance with Egypt’s Vision 2030. He added that this syndicated loan, with the participation of a group of banking institutions, reflects the established strategic dimension of the importance of supporting tourism growth, due to its direct and indirect impact on raising rates of sustainable economic and social development by providing job opportunities, attracting local and global investment, and enhancing foreign currency resources.
He noted that the tourism sector is linked to approximately 70 intermediate industries, including hospitality, transport, travel, handicrafts, construction, financial services, insurance, and cultural/entertainment industries. Hence, the United Bank’s role as a strategic and financing partner in supporting the tourism system emerges through providing a range of banking and digital solutions and the necessary financing to support this promising sector, as well as the small and medium enterprises (SMEs) linked to it, whether service-oriented or investment-oriented.
Fayed explained that this financing comes at a time when the Egyptian tourism sector is witnessing unprecedented recovery after years of global and regional challenges. Ministry of Tourism indicators show that Egypt is experiencing a strong rebound in visitor numbers and revenues, confirming the importance of integration between government policies and local financial investments. According to Ministry of Tourism data, Egypt received about 19 million tourists in 2025, an increase of 21% compared to 2024, reflecting Egypt’s ability to compete globally and restore international market confidence in the Egyptian tourism product. The state, through its various agencies, has contributed to this recovery by developing massive tourism infrastructure, partial openings and final preparations for major projects, improvements in airport networks, and simplifying visa procedures to attract more markets, with the goal of raising tourist numbers to higher levels in the coming years while continuing to invest in diversifying tourism products.
Hassan Refaei, Chief Executive Officer and Managing Director of The Industrial Development Bank (IDB), stated: "The Industrial Development Bank’s participation of EGP 750 million in this syndicated loan reflects the bank’s commitment to supporting major tourism projects with extended economic impact, given that the tourism sector is linked to more than 70 production and service activities. This aligns with the state’s targets to accommodate 30 million tourists annually by 2030 and enhance Egypt's position as a global tourist destination." He added that the "Fairmont Sun Capital" project enjoys distinguished investment fundamentals, primarily its strategic location with a direct view of the Grand Egyptian Museum and the Pyramids area, enhancing its appeal and providing a strong value-added to the map of luxury hotel projects in the Egyptian market.
Hala Sadek, Chief Executive Officer and Board Member of Kuwait Finance House – Egypt (KFH-Egypt), explained the bank's participation in the syndicated loan for the Fairmont Sun Capital hotel project, noting that the project aims to support the tourism sector, which will lead to continuous growth and drive the wheel of economic development in Egypt. She confirmed that KFH-Egypt’s contribution to this loan emphasizes the bank’s commitment to supporting leading projects that achieve value and sustainable development for the economy and society.
Hazem Hegazy, Chief Executive Officer and Vice Chairman of Al Baraka Bank – Egypt, said: "We are pleased to participate in financing the 'Fairmont – Sun Capital' hotel project in 6th of October City in cooperation with the rest of the participating banks, which reflects the strength of banking partnerships in supporting strategic investments in the hospitality sector. Al Baraka Bank’s contribution of EGP 300 million is part of the total financing of EGP 6.06 billion to enhance tourism infrastructure, support sustainable economic growth, and create job opportunities, in line with Egypt’s Vision 2030."
Mohamed Abu El-Saoud, Chief Executive Officer, The Agricultural Bank, affirmed the bank's pride in participating in banking alliances to support the tourism sector, which is considered one of the most important contributors to the growth of the Egyptian economy. He noted that this alliance for the Fairmont Sun Capital project comes at an important time when the world's eyes are turned towards Egypt, especially after the global opening of the Grand Egyptian Museum. He praised the professionalism of the teams in the participating banks and their effective role in completing this financing successfully. He stressed the vital role of the PBDAC in financing and supporting all industrial, agricultural, and service activities that contribute to job creation and improving the standard of living for all citizens.
Eng. Tarek Shoukry, founder of the Arabia Group for Development, stated that the establishment of the Fairmont hotel is part of the group's plan to build 5,000 hotel rooms and units for the company's various projects. This is in line with the political leadership's direction to support the tourism sector, aiming to reach 500,000 hotel rooms to bridge the shortage of hotel capacity and meet the state's tourism development plan to reach 30 million tourists by 2030.
The financing is dedicated to supporting the development of the "Fairmont Sun Capital Hotel" project, built on an area of approximately 54,500 square meters within the "Sun Capital Compound," which spans 557 acres. It includes a five-star hotel with a direct, distinguished view of the Giza Pyramids, alongside serviced residential apartments.
The total value of the long-term syndicated loan reached about EGP 6.060 billion. The National Bank of Egypt contributed EGP 2.810 billion as the facility and security agent. Other participants included:
•    The United Bank: EGP 1 billion
•    Industrial Development Bank: EGP 750 million
•    Kuwait Finance House – Egypt: EGP 700 million
•    Principal Bank for Development and Agricultural Credit: EGP 500 million
•    Al Baraka Bank: EGP 300 million
The law firm Sarie-Eldin & Partners acted as the legal advisor to the participating banks, while Misr Capital acted as the independent engineering consultant for the project.