Egyptian and Emirati companies sign a $500 million real estate deal in Egypt
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Loading... - Aziza Hamdy
- 11 Jul 2024
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The Egyptian state news agency MENA reported on Tuesday that the Safwat Kaliouby Group (SKG) holding company and the Emirati KSH Investment Company had signed a deal for a project on the Nile in Cairo.
The understanding incorporates three private and business towers and a five-star inn in a space sitting above the Nile's Warraq Island, north of the focal point of the capital, on an area of 20,000 square meters (215,278 square feet), MENA said.
According to MENA, KSH Investment Company is associated with the real estate company owned by members of Abu Dhabi's ruling family, the Private Department of Sheikh Mohamed Bin Khalid Al Nahyan.
One of Egypt's most significant Gulf investors is the United Arab Emirates. In February, the $35 billion landmark agreement to develop the Ras al-Hikma peninsula on Egypt's north coast and other projects was signed by the Abu Dhabi sovereign fund ADQ.
The venture facilitated a basic unfamiliar cash deficiency from a financial emergency that likewise caused sharp depreciations of Egypt's money and taking off expansion. ( $1 = 48.0200 Egyptian pounds)
