Egyptian, Emirati companies sign $500 mn real estate deal in Egypt
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Egyptian, Emirati companies sign $500 mn real estate deal in Egypt

By Reuters

  • 10 Jul 2024
Egyptian, Emirati companies sign $500 mn real estate deal in Egypt
Credit: 123RF.com

Egypt's Safwat Kaliouby Group (SKG) holding company and Emirati KSH Investment Company have signed a 24 billion Egyptian pound ($500 million) deal for a real estate project on the Nile in Cairo, Egyptian state news agency MENA reported on Tuesday.

The agreement includes three residential and commercial towers and a five-star hotel in an area overlooking the Nile's Warraq Island, north of the centre of the capital, on an area of 20,000 square meters (215,278 square feet), MENA said.

As per MENA, KSH Investment Company is affiliated with the Private Department of Sheikh Mohamed Bin Khalid Al Nahyan, a real estate company owned by members of Abu Dhabi's ruling family.

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The United Arab Emirates is among the main Gulf investors in Egypt. Abu Dhabi sovereign fund ADQ signed a landmark deal worth $35 billion in February to develop the Ras al-Hikma peninsula on Egypt's north coast along with other projects.

The investment eased a critical foreign currency shortage from an economic crisis that also caused sharp devaluations of Egypt's currency and soaring inflation.

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