Al Marasem Development, a subsidiary of the multinational construction conglomerate Saudi Bin Laden Group, plans to invest EGP 29 bn in two real estate projects in New Cairo during the coming five to seven years, Al-Ahram Gate reports.
The company will invest the EGP 29 bn in Fifth Square and Capital Gate developments, CEO Tarek Helmy recently said in a press conference, adding that the investment value for Fifth Square is EGP 16.5 bn while the remaining EGP 12.5 bn are invested in Capital Gate.
A combination of loans, sales revenues, and self-financing will be used to help finance the projects. A EGP 900 mn loan agreement was signed with a banking consortium last August to fund Fifth Square.
The company is setting out a profit target of EGP 32 bn from the two projects, Helmy said.