Al-Oula in Egypt
((Al-Oula Real Estate)) signs an alliance to establish an Egyptian real estate company with a capital of 5 billion Egyptian pounds
“Al-Eqtisadiah” Newspaper from Egypt
Al-Oula for Real Estate Development has signed an alliance with the National Bank of Egypt, the Commercial International Bank of Egypt and Naim Investments Holding Company to establish a holding company for real estate investments under the name of Al-Oula Egypt for Real Estate Development with an authorized capital of five billion Egyptian pounds and a source of 500 million Egyptian pounds in which contributes Al-Oula Saudi Arabia and its companies in the Kingdom and the Gulf countries, the banks, financial institutions and Egyptian companies.
The new company aims at working in all the real estate investment domains in their different sectors: industry, trade, tourism, education, lodging, urban development and the design, establishment and construction of urban complexes, quarters and slums development projects.
The convention has been signed by Mr. Ayedh Al-Qahtani President and elected member of Al-Oula Development, Mr. Hussein Abed Al-Aziz Chairman of the Board of Directors of the National Bank of Egypt, Mr. Hicham Az Al-Arab Chairman of the Board of Directors of the Commercial International Bank of Egypt and Dr. Abed Al-Rahman Al-Husseiny Chairman of the Board of Directors of Naim Investments Holding Company.
The signature of this convention comes within the framework of the real estate investments of Al-Oula Development in Egypt that is considered among the biggest companies working in the domain of industry, real estate development and real estate investments in the Kingdom, the Gulf countries and the Middle East.
President Ayedh Al-Qahtani said that the first projects of the new company are represented in the establishment project of the diplomatic quarter in Cairo that aims at establishing an integrated quarter for the embassies and diplomatic buildings and their services like the diplomatic quarters in Berlin, Washington and Riyadh in order to become one of the civilizational sights in Cairo, after it has obtained the approvals of the relevant authorities, afterwards the studies will be conducted on this basis.
Moreover, through its worldwide experiences in real estate development Al-Oula Egypt plans to launch important strategic projects with a social dimension and direct benefit for a large segment of the Egyptian people, the most important of which is the development of Cairo’s biggest slums consistent with the development policy adopted by the Egyptian government in the major cities and their suburbs.
Moreover, the National Bank of Egypt will handle the founders of the new company and will conduct the special studies through the constituent committee that has been established by the alliance parties as a preparation to execute the company’s projects as soon as possible and to set an example that will be followed in the execution of similar important projects.