AUR Capital and Wadi Degla Developments have agreed to set up a real estate private equity joint venture (JV), Invest-Gate reports.

AUR Capital, as stipulated in the agreement, will acquire an undisclosed stake in Wadi Degla through a capital increase and a share swap in the new firm.

Ownership between the two companies will be split 70/30, with Wadi Degla having the bigger share, a joint statement read.

The JV is expected to invest around EGP 10 bn within the upcoming five years.