Ashraf Salman announces Aur Capital; ARCO investing EGP 32 bn in five years
Former Investment Minister Ashraf Salman announced that he is forming a private equity outfit to be named Aur Capital, Al Borsa reports. The consumer-focused GP will launch in December and will focus on investments in real estate, health, education and food, said Salman. Notable investors at the GP level CityStars’ Abdul Rahman Al Sharbatly and the Egyptian Gulf Bank (EGBank). Salman made the announcement at the launch of real estate developer ARCO’s EGP 800 mn Lagoon North Coast project. Salman, who is ARCO’s vice chairman and MD, said real estate prices have risen 20-30% since the float of the EGP, adding that he expects the sector to grow 25% in five years, according to the newspaper.
Also speaking at the launch was ARCO CEO Ayman Ibrahim, who said that the company is investing EGP 32 bn in multiple projects over the coming five years, Al Mal reports. The company has begun marketing the EGP 1.5 bn first phase of its Lavande development in Six of October, he added. ARCO has also hotel management agreements that will see Fairmont, Swissotel and Raffles manage properties at its North Coast community, Al Borsa reported.