A high-level government gathering in Egypt’s New Administrative Capital brought together top banking executives, housing officials, and real estate developers on Monday, October 12, 2026. The meetings yielded two major agreements designed to reshape the western perimeter of Greater Cairo through structured bank financing and large-scale asset development to expand residential and urban projects.
Acquisition of the Former Dream Land Site in Sixth of October City
At the center of the real estate transaction is a 415-acre plot located in the Eastern Expansions zone of Sixth of October City, historically known as the Dream Land property at the heart of the city. Hyde Park Developments finalized the purchase contract with the National Bank of Egypt and Banque Misr through the Egyptian Company for Real Estate Asset Management and Investment.
The agreement marks the fourth project for Hyde Park in West Cairo and the tenth across its overall portfolio, establishing it as the company’s largest undertaking in the western sector to date to build a massive residential community. Signatories included Amin Siraj, managing director of Hyde Park Developments, and Karam Salah, chairman of the asset management firm. Additional attendees at the governmental headquarters in the New Administrative Capital included Housing Minister Randa El-Menshawy, Housing Deputy Minister Walid Abbas, and New Urban Communities Authority real estate sector supervisor Ahmed Amara.
Housing Minister Congratulates Banks on Settling Land Dispute
Housing Minister Randa El-Menshawy congratulated the participating banks after the signing ceremony for reaching a settlement on an extended problem concerning the land asset.
Minister Randa El-Menshawy congratulated the participating banks on reaching a solution to a problem that has persisted for decades regarding the Dream Land land, through the entry of Hyde Park Developments to undertake the construction, financing, and marketing of residential units in the area.
Ten Billion Pound Financing Agreement with Banque Misr
The financing package is structured to acquire and market assets belonging to the New Urban Communities Authority, covering operational expenditures associated with the developments to support affordable housing for middle-income segments in alignment with Egypt’s Vision 2030 sustainable development goals.
Banking Executives Highlight Macroeconomic Impact and Employment Generation
Banking executives emphasized the broader macroeconomic impact of the deals. Mohamed El-Etreby noted that the transactions stimulate dozens of supporting manufacturing and service industries, generating direct and indirect employment.
Mohamed El-Etreby added that this step strengthens the role of both banks as leading national institutions that support the Egyptian economy, and also supports the performance of both banks and their subsidiaries, noting that real estate investment, through cooperation with companies that enjoy efficiency and a good reputation, represents one of the important factors for the sustainability of projects and maximizing asset efficiency.
Banque Misr CEO Hisham Okasha added that long-term financing mechanisms strengthen institutional liquidity and enhance asset utilization while aligning public sector assets with private development expertise.
