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Developer to restore Cairo's crumbling 'Parisian' centre
- Egypt: Sunday, August 30 - 2009 at 12:10
Egypt-based developer Al Ismailia for Real Estate Investments plans to raise $80m from investors to buy and restore crumbling 19th century buildings in the centre of Cairo, Bloomberg has reported. The company has so far raised EGP315m ($57m) and bought 20 buildings in an area originally designed to look like Paris. It aims to add 12 more properties. Al Ismailia, whose shareholders include Egyptian billionaire Samih Sawiris and Saudi private-equity firm Amwal al Khaleej, will start raising funds from investors in Egypt and other Middle East countries starting in October, CEO Karim Shafei said. The process will take two or three months, he said.
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StaffSunday, August 30 - 2009 at 12:10 UAE local time (GMT+4)
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