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SODIC has signed a medium-term financing facility worth EGP 7.5 billion ($147 million) with Commercial International Bank Egypt.
The funds will finance the development and construction of the June project on Egypt's North Coast.
The agreement was signed by Amr El Ganainy, Deputy CEO and Executive Board Member at CIB, and Ayman Amer, General Manager of SODIC Group, in the presence of senior executives from both organisations.
What June Is
The June project spans 280 feddans at Ras El Hekma, one of the North Coast's most in-demand coastal areas. It is positioned as a Miami-inspired beachfront destination. The development will include:
- Sandy beach and clear seawater frontage
- A vibrant promenade and beach club
- Residential villas and serviced apartments
- A Tribute Portfolio hotel by Marriott International
Also Read: Nile Developments Launches 28th Floor at Tycoon Tower
What Both Sides Say About the Deal
El Ganainy described the financing as an extension of CIB's role in supporting projects with economic impact and said it will help advance SODIC's expansion plans while contributing to the growth of the real estate and tourism sectors.
He pointed to Ras El Hekma's position as one of Egypt's leading investment and tourism destinations and said the facility will strengthen the region's appeal to both local and international investors.
Ayman Amer described the facility as a milestone in a partnership between SODIC and CIB that has extended over several years.
He said the agreement reflects the level of trust the company has built with its banking partners and their confidence in SODIC's ability to consistently meet its obligations. He added that the company looks forward to continuing cooperation with CIB to support its future growth and expansion.
Also Read: Khaled Sabry Sells Out Waterside Villas Phase One in Egypt
Ras El Hekma's Rising Profile
June arrives at Ras El Hekma as the area undergoes one of the most significant development surges in Egypt's North Coast history.
Multiple developers have committed to large-scale projects in the region, drawn by its coastline quality, improving infrastructure and the government's active support for investment.
A Marriott-branded hotel within June gives the project a hospitality anchor that adds operational credibility alongside the residential and lifestyle components.
For SODIC, securing a facility of this size from one of Egypt's largest banks signals the degree of institutional confidence behind the project and gives the company the capital to move construction forward at pace.
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