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Tuesday, 30 July 2019

US’s CEVA looking to invest USD 2 bn in new capital medical complex

INVESTMENT WATCH- US’ CEVA looking to invest USD 2 bn in new capital medical complex: The US’ CEVA Animal Health is expected to sign in September a USD 2 bn agreement with the New Administrative Capital Company for Urban Development (NACCUD) to build a medical complex in the new capital, NACCUD Managing Director Mohamed Abdel Latif told Hapi Journal. A source close to the matter confirmed the news to Enterprise, but did not explain how or why a veterinary company is building a medical complex for humans. A final agreement has yet to be reached, but the project could potentially be implemented via a JV with the NACCUD, Abdel Latif said. The education and health ministries have already agreed to collaborate on the project, which will include medical, pharmaceutical and dentistry colleges, he added.

Another USD 2 bn project in the pipeline: NACCUD is also mulling an offer it received in July from Formula Group to set up an international rally venue in the new capital with at least USD 2 bn in investments, Abdel Latif said, adding that a number of related projects to be built in the vicinity are currently being negotiated.

Other offers are on the table: Offers from Egyptian, Emirati, Saudi, British, and Korean investors are also being looked at, Abdel Latif said, adding that some of them will be announced within the coming weeks. An offer from Saudi German Hospital Group to build a 120-feddan medical complex will be decided on in the coming month.

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