Arabia inks UK’s partnership deal to open medical centre in Egypt
Egypt’s real estate developer Arabia Holding says it has signed a partnership agreement with UK-based Proton Partners International to open the biggest global medical centre in Arabia’s Egyptian flagship Sun Capital.
Egyptian Higher Education Minister Khalid Abdul Ghaffar and Health Minister Hala Zayed have attended the ceremony of signing the deal, unveiled Arabia’s Chairman on Monday.
The international medical centre’s investments are estimated at three billion Egyptian pounds ($167.8 million), Tarek Shoukry further added.
As for Sun Capital, Shoukry said that the fully-fledged project is being developed in partnership with the Egyptian Housing Ministry in Sixth of October City over 20,000 square meters within a timeframe of 20 months.
“The project will include 1,000 various residential units,” he noted. Sun Capital’s investment cost reaches US$4 billion (71.5 billion Egyptian pounds).
In 2015, the public-private partnership (PPP) project was signed and approved by Egyptian President Adel Fatah al-Sisi during Egypt’s first Economic Forum, in the presence of the Ministers of Housing, Tourism, and Investment.
Mike Moran MBE, Proton Partners International’s Chief Executive, said that the agreement aims to enhance cooperation with the Egyptian and Britain medical sector and achieve breakthroughs in the field of treatment and tumors diagnosis.
Moran clarified that the total investments of his company exceeds 170 million Pound Sterling (equivalent to four billion Egyptian pounds or US$224.6 million).
Arabia is currently negotiating with the official of University of Buckingham Medical School Hospital to be responsible for the management of Sun Capital.
About, Proton Partners International, the company formed by UK based and international cancer and healthcare specialists.
The company was formed following discussions between Professor Karol Sikora, former head of the World Health Organisation’s cancer programme, Professor Sir Chris Evans, the leading life sciences entrepreneur, and Neil Woodford, founding partner of Woodford Investment Management.
In 2016, Arabia announced that Shoukry will preside Egypt’s newly-formed real estate development chamber, part of the Federation of Egyptian Industries (FEI).
This comes after the chamber’s board of directors held elections, ended in announcing Shoukry as the new president of the chamber.
The new board of directors will be until 2019.
The chamber’s top agenda is to regulate the Egyptian property market, discuss pending legislations, and establish a comprehensive database containing the country’s available real estate investment opportunities, he stated.
The real estate development chamber was formed upon a ministerial decree No. 37/2015, a move that aims to stipulate the real estate activity in Egypt.