Orascom Investment, Qatari Diar Eye Potential Partnership

Orascom Investment, Qatari Diar Eye Potential Partnership

Egypt’s Orascom Investment Holding (OIH) is in talks with Qatari Diar Real Estate Investment Company for a potential deal, after conducting several feasibility studies of different investment opportunities at the regional and global levels, Invest-Gate reports.

Negotiations are still underway with the Qatar-based company, aiming to reach a mutually-acceptable agreement, OIH revealed in a bourse filing on October 22. The partnership is hinging on prior government approval to amend the ownership structure and extend the project implementation period, it noted.

The collaboration is also contingent on a settlement agreement between Qatari Diar and the New Urban Communities Authority (NUCA) over the administrative fees related to rectifying the Egyptian ownership structure, OIH further added.

In late September, OIH said it incurred higher net losses of EGP 153.3 mn in the first half of 2019, compared to EGP 141.2 mn recorded during the prior-year period. Besides, revenues fell to EGP 792.4 mn in H1 2019 versus EGP 823.5 mn a year earlier, based on the company’s latest financial statements.

In Q2 2019, net losses rose to EGP 74.6 mn from EGP 41.6 mn in the same period last year, the investment firm previously confirmed.

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