NBE acquires 24% of Hyde Park Developments’ capital

NBE acquires Egyptian Arab Land Bank’s share in Hyde Park Developments’ capital that amounted to 24%.

In this context, Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, stated that this deal is one of the promising investment opportunities supported by the Bank.

He added that this deal is in line with the strategy of the National Bank of Egypt to support the Bank's investment portfolio by diversifying its investment activities to ensure the effective presence of various economic sectors to guarantee the strength of that portfolio.

Yehia Abou ElFotouh, Vice President of the Board of Directors of the National Bank of Egypt, expressed his pride in completing this deal, which is an opportunity for further recovery of the real estate market, especially as the real estate sector is one of the most important sectors in the Egyptian economy.

Hyde Park Developments cooperate with 3 subsidiaries with shares amounted to more than 99%, as the Bank would indirectly contribute to those companies.

Ahmed El Said, CEO of Investments and Investment Trustees of the National Bank of Egypt, reported that Hyde Park is a leading real estate investment company in new cities and urban communities.

He explained that the company's licensed capital is EGP 10 bn and its land portfolio exceeds 6 mn square meters used by the company in establishing a number of projects, including:

• Hyde Park Project - The 5th Settlement - 1177 acres.

• Towny Project in the city of 6 October with an area of 31 acres.

• Garden Lakes Project in 6 October - 69 acres.

• Hyde Park North Coast Project - 240-acre.

El Said said that Hyde Park managed to achieve more than EGP 2 bn revenues during the first 9M of 2023.

It is worth mentioning that the BDO Khaled & Co. was responsible for due diligence and Zaki Hashem & Partners Law Firm was responsible for the legal business. Al Ahly Pharos Securities Brokerage Company implemented the deal.