Back to the complete issue
Monday, 28 August 2017

Saudi’s Sharbatly, El Shobokshi to invest USD 2.15 bn in Egypt

INVESTMENT WATCH- Saudi’s Sharbatly, El Shobokshy to invest USD 2.15 bn in Egypt: Abdulrahman Sharbatly’s Al Nahla Group and Fahd El Shobokshy’s Al Ahli Investment and Development will jointly invest USD 2.15 bn in Egyptian projects, according to an Investment Ministry statement. The pair, whose investments in Egypt together are presently worth a combined USD 3 bn, plan to allocate USD 1 bn to expanding their Golden Coast Company projects in Sharm El Sheikh and Hurghada’s Soma Bay. Another USD 1 bn will fund new projects in cooperation with real estate development firm ARCO. The remaining USD 150 mn will go into a second production line at South Valley Cement Company. The announcement follows a meeting with Investment Minister Sahar Nasr yesterday, at which the two businessmen outlined their investment strategy.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.