MAF eyes $500m Egypt loan

Dubai-based developer Majid al Futtaim (MAF) has picked two Egyptian banks to arrange a loan worth around $500 million, to fund construction of its Mall of Egypt project, three sources with knowledge of the move told Reuters. The developer, the sole franchise of Carrefour in the Gulf, has chosen Banque Misr and National Bank of Egypt as lead arrangers for the deal, two of the sources said. The cash will be used to fund the group’s Mall of Egypt, a 160,000 sqm site in Cairo which will be one of North Africa’s largest shopping centres. A proposal is expected to be sent to other banks in the next two weeks, once final decisions over the transaction structure have been made.