Property developer ARCO Egypt to invest 5 bln pounds this year

Egypt’s Al Arabia Real Estate and Development- ARCO says it plans to invest five billion Egyptian pounds ($275.8 million) in its projects in the Egyptian real estate market within 2017.

The money will be as part of a five-year plan to invest 32 billion pounds in the country, the company added.

Ayman Ibrahim, ARCO’s Chief Executive, told Amwal Al Ghad on Monday that his company had earlier pumped investments worth five billion pounds into the local real estate market since 2005.

Moreover, Ibrahim added that ARCO also plans to execute 20,000 various housing units in the country within five years.