The UAE’s Chimera acquires 25% of Sawiris’ Gemini in a USD 100 mn transaction, Invest-Gate reports.
Naguib Sawiris announces the signing of an investment deal with Abu Dhabi’s Chimera whereby Chimera, through its subsidiary, will subscribe to a capital increase in Gemini Global Development Egypt in return for a significant minority equity stake in Gemini. The acquisition raised the Gemini Holding’s total capital to USD 400 mn.
The capital increase will further support the expansion and development of Gemini’s Egyptian real estate operations under Ora Developers, as Gemini Holding owns 100% of Ora Developers.
The transaction aims to support the company’s financial position, which is adopting a plan to expand strongly within the Egyptian and regional real estate market.
Sawiris expresses his pride in this milestone investment opportunity for Ora Developers by affirming “Since inception, our goal for Ora Developers was to continuously seek opportunities that will help us expand our offerings to various markets while partnering with leading global investors, contractors and retailers. We are committed to investing in real estate developments across Egypt creating truly unique signature projects throughout the country. Our partnership with Chimera will ensure we deliver on our commitment.”
“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. We are pleased to join forces with a best-in-class founder and management team that have already demonstrated strong capabilities in delivering on Ora’s plans,” Syed Basar Shueb, Chairman of Chimera, states.
It is worth noting that Chimera Capital, a subsidiary of Abu Dhaboi’s Royal Group, is a significant backer of Nasdaq-bound transportation play Swvl and has just recently wrapped up the second close of its first-ever venture capital fund, which will see it invest in 12-15 startups across the Middle East and Southeast Asia.
Royal Group has investments in some 60 entities with 20,000 employees spanning real estate to FMCG by way of healthcare and aviation. Gemini, the Sawiris family’s private equity arm, invests in everything from real estate to private equity.