Egyptian-Saudi JV to inject EGP 25bn in Egypt - Interview

Egyptian-Saudi JV to inject EGP 25bn in Egypt - Interview
The JV will pump this sum into real estate projects in the New Administrative Capital, New Alamein, and Ain Sokhna.

By: Abdullah Bedeir

Cairo – Mubasher: Edge Holding for urban development is looking to invest around EGP 25 billion in Egypt within three years.

Edge Holding is a joint venture (JV) formed by Brouj Egypt and Saudi Arabia’s Al Mashariq Trading & Contracting Co.

The JV will pump this sum into real estate projects in the New Administrative Capital, New Alamein, and Ain Sokhna.

Oia is the company’s first project in the New Administrative Capital, Edge’s vice chairman for commercial Nader Badr added in an interview with Mubasher.

Spanning 30 acres, Oia features nearly 1,300 residential units, including apartments and duplex, Badr highlighted, adding that 500 units were sold in three months now.

The project will be delivered in four years that end in 2022, he added, pointing out that the company seeks to invest in another 100 acres in the new capital.

Oia will also feature a mall spreading over 15,000 metres, but it has not been designed yet, the vice chairman remarked.

He said that Edge will build a 30-acre touristic residential project in Ain Sokhna by the end of this year.

The Egyptian-Saudi JV is also planning to get land plots spanning 100 to 200 acres in New Alamein, Badr concluded.

 

Translated by: Mai Ezz El-Din