Egypt’s state-owned banks are unlocking substantial real estate assets for development, as Hyde Park Real Estate Development acquires 415 feddans in West Cairo while its subsidiary secures EGP 10 billion in separate long-term housing finance.
Hyde Park signed the land acquisition agreement on 12 October with National Bank of Egypt (NBE) and Banque Misr for a site formerly associated with Dream Land in the eastern expansion area of 6th of October City. The acquisition represents approximately 1.74 million square metres and will become Hyde Park’s fourth and largest development in West Cairo and its tenth project overall. The purchase price and development budget were not disclosed.
The transaction advances the commercial redevelopment of assets associated with businessman Ahmed Bahgat’s long-running debt disputes with the two banks, which reached a settlement in 2021. NBE also holds a 24% stake in Hyde Park, retaining an indirect interest in the developer undertaking the project.
Separately, Banque Misr signed an eight-year, EGP 10 billion financing agreement with Founders Real Estate Marketing, a Hyde Park subsidiary, to fund the acquisition and commercialisation of residential assets owned by the New Urban Communities Authority, alongside related operating costs.
Housing Minister Randa El-Manshawy said the financing would support housing provision across different income groups, particularly middle-income households.
Together, the agreements illustrate how Egyptian banks are converting recovered property assets into development opportunities while extending long-term financing to the housing market. Their economic significance will ultimately depend on construction investment, housing affordability, realized returns to lenders and the delivery of completed residential projects.
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