Kuwaiti investment firm Al-Juwisry backed by Commercial International Bank says it plans to enter the lucrative Egypt’s real estate market. The firm announced that it will inject more than US$800 million to a social housing project in the country.
According to officials, the social housing project in Egypt which being constructed at an area of 14,000sqm is one of the mega project by a private foreign based company in Egypt.
The project will be built by 10th of Ramadan for Housing and Construction company which will contract with the Housing Ministry in the next few days to start the project’s implementation.
Al-Juwisry will invest $800m through self-financing to implement different projects in tourism, agriculture, and real estate sectors.
The group launched a touristic resort on an area of 180,000 sqm in the Fifth Settlement. This resort will include a sulphurous lake for Arab tourists.
“This project is the fourth globally and the first in the Arab region to use Swiss expertise though Loca Brown Egypt, a tourism activities company,” Al-Juwisry said. “The company is launching agricultural projects in Upper Egypt with investments of $22m.”
Al-Juwisry agreed with the Commercial International Bank (CIB) to transfer funds to Egypt in order to begin the project’s implementation with $50m as a first installment.
This is expected to be a big boost to the Governmnet of Egypt as it looks into curbing the latest housing shortage that is facing it over its rising population.
Early this year Sisi called upon private investors to join the government in building the new millennium city which which is also expected to decongest the populated Cairo.