By: Ahmed Allam

Cairo – Mubasher: Egypt’s government plans to launch a tender to select a qualified investor to manage Heliopolis Company for Housing and Development, public enterprise sector minister Hisham Tawfik said.

The plan is still pending the approval of the company’s general assembly to be held on 26 August, Tawfik added on the sidelines of a press conference on Monday.

A company specialised in real estate development will be awarded a seven-year contract to manage Heliopolis Company for Housing and Development which owns land plots with a total area of  28 million square metres, including unused land plots, valued at EGP 80 billion, he revealed. 

Heliopolis Company for Housing and Development will offer up to 25% of its shares owned by the Holding Company for Construction and Development on the Egyptian Exchange (EGX); of which 10% will be sold to a private equity investor specialised in property development or a consortium comprising a strategic investor and a real estate development company, the minister noted. 

It is noteworthy that Egypt’s public enterprise sector ministry holds a 72% stake in Heliopolis Company for Housing and Development.

Translated by: Zeinab Adel