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Tuesday, 19 April 2016

Ayadi to form asset management company with Al Futtaim and Veolia

Ayadi Company for Development and Investment plans to form a EGP 5 mn asset management company in partnership with the UAE’s Al Futtaim Group and French infrastructure multinational Veolia, Al Mal reports. The company will help manage government assets including antiquities, historical landmarks, schools, and hospitals. The company is also looking at 40 projects and businesses to employ its EGP 410 mn in capital, primarily in the industry, tourism, agriculture. and services sectors, said Ayadi Chairman (and former investment minister) Osama Saleh. Ayadi, which was formed back in December 2014, is a public sector investment firm that holds majority stakes in different projects run and administered by the private sector. Planning Minister Ashraf Al Araby called it a “leading component” of Egypt’s Vision 2030 development plan.

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