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Monday, 15 March 2021

USD 2.5 bn of Saudi investment in five years + Meamar launches healthcare unit

Sharbatly Group pouring USD 2.5 bn into Egypt? Saudi investor Hassan Sharbatly plans to invest some USD 2.5 bn in several ventures in Egypt over the next five years, he said during a meeting with Prime Minister Moustafa Madbouly and other members of cabinet yesterday, according to a statement. The statement, which included few details, says that Sharbatly will be investing through Sharbatly Group. The Sharbatly family is the driver behind CityStars Mall operator Golden Pyramids Plaza and is an investor in a wide range of sectors in Egypt.

Also sitting in on the meeting: Saudi investor Fahd El Shobokshy, chairman of the board at Al Ahli Investment and Development. The statement does not clarify whether El Shobokshy has separate investment plans. El Shobokshy and Abdulrahman Sharbatly had said back in 2017 that they would invest some USD 2.15 bn in Egypt, including USD 1 bn to expand their Golden Coast Company projects in Sharm El Sheikh and Hurghada’s Somabay, USD 1 bn to fund new projects in cooperation with real estate development firm Arco, and USD 150 mn for a second production line at South Valley Cement Company.

OTHER INVESTMENT NEWS-

Meamar Real Estate Development has launched its first healthcare company, dubbed Healing Medical Care, with EGP 200 mn worth of investments, Chairman Mohamed Sobhy said. The new entity will roll out its first hospital in Sadat City in March 2022. The company is also looking at building facilities in New Cairo, Fayoum and Sohag. The company will sell up to 60% of its shares to unnamed private investors, the story says, in two transactions starting sometime in April.

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