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Monday, 12 February 2018

Bin Laden Group’s Al Marasem to invest EGP 29 bn in two new real estate projects in Egypt

INVESTMENT WATCH- Al Marasem to invest EGP 29 bn in two real estate projects over 5-7 years: Bin Laden Group subsidiary Al Marasem International for Development is planning to invest EGP 29 bn in two new real estate projects in Egypt over the next five to seven years, CEO Tarek Helmy said, Ahram Gate reports. The two projects, Fifth Square and Capital Gate, have an investment value of EGP 16.5 bn and EGP 12.5 bn, respectively, and are both located in New Cairo. The company will rely on a combination of self-financing, loans, and sales revenues to fund the projects, according to Helmy. Al Marasem had signed a EGP 900 mn loan agreement with a banking consortium in August to help finance Fifth Square.

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