Redcon Secures $80M Loan to Fuel Egypt’s Largest Eco-Friendly Development

Editorial Team

Last updated 3-06-2025

3 min

Redcon Properties secured a loan of EGP 4.

2 billion for the Golden Gate project.

First Abu Dhabi Bank Misr led the financing, with the loan being oversubscribed by investors.

The project is located on South 90 Street, near the American University in Cairo.

Golden Gate promises substantial retail, entertainment spaces, and a large underground car park.

It aims to be Egypt’s largest eco-friendly complex, reducing service costs by around 40%.

New Cairo's skyline is set for a striking new addition, as Egyptian developer Redcon Properties has secured a syndicated loan worth EGP 4.2 billion (around $80 million) to fund its ambitious Golden Gate development. First Abu Dhabi Bank Misr (FABMISR), the Egyptian arm of the UAE-based banking giant, took the lead in arranging the financing for this major new commercial and administrative complex.

Initially, FABMISR and their fellow lenders earmarked around EGP 3.5 billion for the project, but the response from investors was so strong that the loan was oversubscribed by 1.2 times. This enthusiastic showing triggered what's known as a Greenshoe Option—essentially meaning there was room to increase funding—pushing the total loan up to its final figure of EGP 4.2 billion.

Joining FABMISR in this prominent finance syndicate are Al Baraka Bank Egypt and Abu Dhabi Commercial Bank, acting as mandated lead arrangers. Arab Bank and Emirates NBD Egypt have also stepped up to the plate, filling roles as lead arrangers. Additionally, the lenders were advised by respected legal firm Matouk Bassiouny & Hennawy, ensuring all aspects of the agreement went smoothly.

The Golden Gate project itself is ideally situated in one of East Cairo's most sought-after spots—right along South 90 Street, directly opposite the American University in Cairo and just a brief stroll—about 400 metres—from an upcoming monorail stop. The stacked location promises to make it a bustling hub for both business and leisure.

Beyond its prime address, Redcon promises the Golden Gate will deliver substantial retail and entertainment spaces, alongside one of Egypt's largest underground car parks. I've seen my fair share of parking woes in major cities—simply ask any Cairo resident about finding a decent space—and an enormous underground lot spanning 250,000 square metres across two tiers will undoubtedly be met with relief from visitors and office-goers alike.

But perhaps what's got plenty of attention is the development’s commitment to sustainability. Boasting a design that'll trim service costs by around 40%, Golden Gate is setting itself apart by claiming the crown as Egypt’s largest eco-friendly, mixed-use complex. With sustainability high on the agenda these days—something readers of Arageek always value—the environmentally-conscious element is sure to win fans.

So, all in all, the capital boost arranged by FABMISR and co not only underscores investor confidence in Egypt's property market but looks set to help New Cairo gain another landmark space blending commerce, lifestyle and cutting-edge sustainability—the sort of venture that could become a real benchmark rather than just another flashy new spot on the block.

I suppose we'll just have to wait and see if it lives up to this early excitment.

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