Emaar Misr invested EGP 1.6 bln of capital hike money

Emaar Misr for Development, the Egyptian unit of UAE property conglomerate Emaar Properties, said on Wednesday that it has invested 71.5 percent or 1.63 billion pounds of the the total 2.28 billion pounds capital increase proceeds since July 2015 until June 2018.

906.05 million pounds were used in the Square project, while 250.14 million pounds were directed to Mivida Downtown, with 304.49 million pounds for Marina Marassi and 171.44 million pounds for Marassi hotels, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The remaining amount stands at 647.85 million pounds, the statement noted.