Raya Holding Co. (RAYA) is in talks for a loan of 183 million Egyptian pounds ($30 million) from National Bank of Egypt, Al Mal reported, citing the bank’s head of corporate banking Sherif Riad.

The seven-year loan will be used to finance part of the information technology company’s 311 million-pound administrative building being built on the outskirts of Cairo, the newspaper said.

Raya’s Chief Investment Officer Karim Hassan couldn’t be reached for comment when contacted at his office today.

To contact the reporter on this story: Ahmed A. Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net