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Monday, 23 May 2016

Saudi’s Al Hilaly Group to begin building tallest tower in Egypt in 3Q16

Saudi Arabia’s Al Hilaly Group plans to begin constructing its USD 345 mn, 854 m tall skyscraper in Egypt in 3Q16 as part of USD 600-650 mn in new investments it has earmarked for Egypt over the coming three years, said Al Hilaly’s chairman Sami Al Hilaly. The company also plans to build a USD 100-150 mn coastal tourist resort, which will be developed concurrent with the skyscraper dubbed Al Hilaly Tower, Al Hilaly in an interview with Al Borsa. The 98-story tower, expected to be the tallest in Egypt, will retail outlets and an artificial lake. Rental contracts have been signed for around 60% of the project, he claims. The company, which says it has USD 2 bn in assets worldwide, plans to IPO in Dubai in three years’ time.

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