Based Property Firm Aldar Eyes Majority Stake in Owned Real-Estate Developer Madinet NasrSource: www.export-egypt.com 6/15/2022, Location: Africa |
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UAE-based Aldar Properties PJSC eyes a majority stake in the Egyptian state-owned real-estate developer Madinet Nasr for Housing and Development.
Sources from the Egyptian government and Madinet Nasr company told Ahram Online that both parties are currently in talks regarding the deal. They said an agreement will be soon be announced, without providing further information. UAE showed a significant appetite over the past few years in expanding in real-estate investment in Egypt. In 2019, Aldar’s CEO Talal Al Dhiyabi said that his company intends to expand in the real-estate market in Egypt as a part of its regional expansion plans. Accordingly, a consortium consisting of Aldar Properties (“Aldar”) and Abu Dhabi Developmental Holding Company (ADQ), also known as Abu Dhabi Sovereign Wealth Fund, announced in December 2021 the acquisition of approximately 85.5 percent of the outstanding share capital of The Sixth of October for Development and Investment “SODIC”. In the same month, Egyptian billionaire Naguib Sawiris announced a deal worth $100 million with UAE-based Chimera for investments as a capital increase in Egypt’s Gemini Global Development in return for acquiring a minority stake in the company. In August 2021, real estate company Sky Abu Dhabi Developments said that it intends to invest EGP 15 billion (equivalent to $959 million) in real-estate projects in Egypt over two years. In early 2021, UAE property giant Damac Properties also announced its plans to pump new investments in the Egyptian real-estate market especially in the New Administrative Capital. On a wider level, UAE said that it tends to increase investments in Egypt from $20 billion to $35 billion over the next five years, according to the Secretary-General of the UAE International Investors Council Jamal Saif Al Jarwan. The actions came to support the Egyptian economy in light of the severe repercussions the Russian-Ukrainian conflict that started last March and the already-existing impacts of the COVID-19. |
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