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Egypt’s Layan Residence sees $202.2m sales – Kuwait’s Manazel

Egypt’s Layan Residence sees $202.2m sales – Kuwait’s Manazel
Manazel Holding's OGM on Tuesday (Photo Credit: Mubasher)
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By: Ahmad Awad

Kuwait-Mubasher: Manazel Holding sold 55% of Layan Residence’s units in Egypt at a value of EGP 1.8 billion ($202.2 million), said Manazel CEO Antar Gad on Tuesday.

The top official said that 50% of the project has been accomplished, expecting it to be delivered in April 2017.

The Layan Residence project is valued at EGP 4 billion ($450 million), Gad noted, adding that cash proceeds reached EGP 515 million (KWD 17.5 million).

Manazel is working on diversifying its investments in Egypt to include bonds and treasury bills, avoiding the impact of the Egyptian pound’s devaluation, the CEO said on the sidelines of the ordinary general meeting (OGM).

The Kuwaiti company has obtained the licenses required to establish a real estate fund for further expansions in the Egyptian property market, he added.

Manazel Holding will cut its capital by 39% to KWD 43 million from KWD 71.5 million, Gad said. Meanwhile, the OGM agreed to retain earnings for the fiscal year 2015.

Translated by: Ingy ElSafy