RIYADH: Egyptian billionaire Naguib Sawiris has announced a $100 million deal with Abu Dhabi’s Chimera for investment in Egypt’s real estate.
Through its subsidiary, Chimera subscribed to a capital increase in Egypt’s Gemini Global Development in return for acquiring a minority stake in the company, Asharq reported.
This capital increase aims to develop and expand the real estate activities of Gemini Global Development Egypt through Ora Developers.
Naguib Sawiris said Ora Developers has always aimed to search for opportunities that expand their offerings to a larger base of customers in various markets, while partnering with global investors, contractors and retailers.
“Through this partnership, Chimera continues to grow and further enhance its global portfolio by investing in a prominent player operating in a high growth sector in Egypt,” Chimera Chairman Syed Basar Shueb said.