Egypt's National Bank and Banque Misr sign land deal with Hyde Park for 6th of October project
The National Bank of Egypt and Banque Misr signed a contract with Hyde Park for Real Estate Development for a 415-feddan plot in eastern expansions of 6th of October City. The land is owned by the Egyptian Company for Real Estate Asset Management and Investment, a subsidiary of the two banks. Officials said the deal supports real estate development, job creation, and the banks' role in national economic growth.
The contract covers a 415-feddan parcel in the eastern expansions of 6th of October City. The land is held by the Egyptian Company for Real Estate Asset Management and Investment, a subsidiary of the National Bank of Egypt and Banque Misr. Prime Minister Mostafa Madbouly, Housing Minister Randa El-Manshawy, and leaders from both banks and Hyde Park attended the signing.
Hyde Park called the acquisition its fourth and largest project in western Cairo and tenth in its growing portfolio. Its shareholders include NBE, Housing and Development Bank, and the New Urban Communities Authority, a structure officials said offers financial and institutional support.
The project could affect residents and workers in and around 6th of October City by adding housing and urban development and construction jobs over time. Local businesses may benefit from increased activity, while new residents could gain more housing options. The involvement of major state-linked banks may strengthen investor confidence, though the ultimate social benefits will depend on project execution, affordability, and infrastructure capacity.