{"id":321129,"date":"2021-02-17T09:30:43","date_gmt":"2021-02-17T09:30:43","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=321129"},"modified":"2021-02-17T09:30:43","modified_gmt":"2021-02-17T09:30:43","slug":"saudi-al-sharif-signs-egp-1-bln-loan-with-nbe-for-shepheard-hotel-renovation-project","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/02\/17\/saudi-al-sharif-signs-egp-1-bln-loan-with-nbe-for-shepheard-hotel-renovation-project\/","title":{"rendered":"Saudi Al Sharif signs EGP 1 bln loan with NBE for Shepheard Hotel renovation project"},"content":{"rendered":"

Saudi engineering, procurement, and construction company Al Sharif Group Holding (ASG) has signed a long-term financing agreement of up to around 978.2 million Egyptian pounds ($62.6 million) with the National Bank of Egypt (NBE).<\/p>\n

The loan will help finance AlSharif\u2019s project to renovate one of Egypt\u2019s most iconic hotels and that was one of the world\u2019s most well-known establishments, Shepheard Hotel. It will finance the majority of the project\u2019s total investment of around 1.4 billion pounds.<\/p>\n

The agreement will see NBE, the country\u2019s biggest state lender, offering loan at an interest rate of 8 percent and a repayment period up to 3 years and half.<\/p>\n

The loan facility is a testament to Egypt\u2019s determination to boost economy and encourage more Arab and foreign investments despite the ongoing challenges due to the coronavirus pandemic, ASG\u2019s chief executive Al Sharif Nawaf said in a company press release.<\/p>\n

The Saudi firm signed in March 2020 a deal worth 1.4 billion pounds with the state-run Egyptian General Company for Tourism and Hotels (EGOTH) to renovate, furnish, and operate the opulent historic Shepheard Hotel.<\/p>\n

Shepheard Hotel was once famed for its opulence and grandeur and the most visible symbol of Egypt\u2019s colonial past. It had hosted many notable guests such as the Aga Khan, Mark Twain, Winston Churchill, Field Marshall Herbert Kichener, T.E. Laurence, and Theodore Roosevelt.<\/p>\n

\"Shepheard
Shepheard Hotel’s main dining hall – circa 1920 -1933<\/figcaption><\/figure>\n

The hotel was used as a base of operations in The Race Colonization<\/em> series(1960s) by Harry Turtledove, as a location in Agatha Christie\u2019s Crooked House<\/em> (1949) and is mentioned in Anthony Trollope\u2019s short-story, An Unprotected Female at the Pyramids<\/em> (1861). It was also featured regularly in Elizabeth Peters\u2019 Amelia Peabody series.<\/p>\n

\"\"
The lobby of Shepheard Hotel<\/figcaption><\/figure>\n

It was even portrayed in the 1934 British film The Camels are Coming<\/em> and was setting for a number of scenes in the 1996 film The English Patient<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi engineering, procurement, and construction company Al Sharif Group Holding (ASG) has signed a long-term financing agreement of up to around 978.2 million Egyptian pounds ($62.6 million) with the National Bank of Egypt (NBE).<\/p>\n","protected":false},"author":4,"featured_media":320227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[81],"class_list":["post-321129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-national-bank-of-egypt"],"yoast_head":"\nSaudi Al Sharif signs EGP 1 bln loan with NBE for Shepheard Hotel renovation project - egy-africa<\/title>\n<meta name=\"description\" content=\"Saudi engineering, procurement, and construction company Al Sharif Group Holding (ASG) has signed a long-term financing agreement of up to around 978.2 million Egyptian pounds ($62.6 million) with the National Bank of Egypt (NBE).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2021\/02\/17\/saudi-al-sharif-signs-egp-1-bln-loan-with-nbe-for-shepheard-hotel-renovation-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Al Sharif signs EGP 1 bln loan with NBE for Shepheard Hotel renovation project - 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