Amer Group Holding’s board of directors approved on July 9 the appointment of Former Transport Minister Hisham Arafat as the company’s new chairman and board member, succeeding Mansour Amer, its founder, after he stepped down on that day, Invest-Gate reports.

Arafat, who handed over his resignation to the cabinet last February in the aftermath of Ramsis train crash, will lead the Egypt-based property developer, according to the firm’s recent bourse filing. 

Amer, however, still has a consultative role in the group, targeting the launch of new megaprojects within the upcoming period. 

In its statement, the former chairman stressed the importance of having “new blood” to manage the company to achieve further development strategies in sectors of real estate development, in addition to an array of commercial centers and hotels.

On February 20, Amer Group announced its intentions to soon launch Porto Garawlah project in Marsa Matrouh, which will comprise 2,750 housing units directly overlooking the Red Sea.