The official Egyptian Center East Information Company reported on Tuesday that the Safwat Al-Qalioubi Group and the Emirati funding firm KSH signed an settlement price 24 billion Egyptian kilos ($500 million) to implement an actual property growth undertaking on the Nile River in Cairo.
The group mentioned the deal contains the development of three residential and industrial towers and a 5-star lodge in an space overlooking Warraq Island, north of the capital metropolis centre, on an space of 20,000 sq. meters.
The group mentioned that KSH is linked to the non-public sector of Sheikh Mohammed bin Khalid Al Nahyan and is an actual property firm owned by members of the ruling household in Abu Dhabi.
ADQ Holding Firm, a sovereign wealth fund in Abu Dhabi, signed a historic settlement price $35 billion final February to develop the Ras El Hekma space on Egypt’s northern coast, together with different tasks.
These investments alleviated the extreme scarcity of international forex brought on by the financial disaster which led to a pointy decline within the worth of the Egyptian forex and excessive inflation.
2024-07-09 19:03:29
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