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Egyptian-Gulf consortium expresses will to carry out 3 housing projects

The projects, presented during the Sharm El-Sheikh Economic Development Conference, are worth LE11.2 bn

MENA, Saturday 14 Mar 2015

An Egyptian-Gulf consortium agreed Friday to undertake three housing projects worth LE11.2 billion, presented during the Sharm El-Sheikh Economic Development Conference, state-owned MENA news agency reported.

The consortium consists of Pioneers Holding Company for Financial Investments, Saudi company Al-Muhaidib, a real estate company in the UAE and a Kuwaiti investment bank.

The consortium expressed its willingness to carry out two real estate projects in New Cairo and in Sheikh Zayed, the chairman of the board of directors Pioneers Holding, Walid Zaki, told MENA.

He added that there are negotiations underway with the Egyptian housing ministry on the projects.

Zaki said Pioneers Holding will participate in the consortium through its eight real estate companies and its reserved land reaches 10 million metres squared.

He added that Al-Muhaidib is leading a coalition of investment and real estate companies for the projects, that the Emirati partner company serves as a real estate developer, and that the Kuwaiti side covers investment bank services.

Zaki said Pioneers Holding owns directly or through shares around 51 companies that work in real estate, industrial and financial services, and its shares are valued at LE31 billion.

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