4 Egyptian real estate firms seek $22.3mn funding

Egypt’s state-owned four construction and housing firms plan to receive funding of 400 million Egyptian pounds ($22.3 million) to start the first phase of a hotel project in Alexandria, an official source said on Monday.

The four companies are Hassan Allam, Moukhtar Ibrahim, El Nasr Housing and Development, and Zahraa Maadi Investment and Development, the source in Hassan Allam further told Amwal Al Ghad.

“The four-phase flagship is set to include a number of hotel, commercial, and administrative towers, with investments of more than 3 billion pounds,” he said.

The four firms are currently negotiating with three leasing companies to provide the funding, he said, adding that the project’s ministerial approval will be obtained within January 2019.