Saudi Adeer aims to launch real estate investment fund in Egypt
Updated 10/29/2024 8:18:00 AM
Arab Finance: The Saudi Arabia-based Adeer International is planning to set up a real estate investment fund in Egypt, in partnership with the Saudi financial services provider Areeb Capital, Adeer’s CEO Basel El Serafy told Al Borsa News.
The fund is set to invest in residential, commercial, and administrative units, El Serafy said.
He noted that Adeer embarked on the procedures for launching the fund, adding that Areeb Capital will serve as the financial partner and manage any real estate funds set up by Adeer.
Adeer is negotiating the legislative amendments required to facilitate the process of setting up real estate funds in Egypt with the Financial Regulatory Authority (FRA) and the Egyptian Exchange (EGX), El Serafy revealed.
He pointed out that the company targets offering some of its shares on the EGX within five years, adding that it also aims to list some of its subsidiaries on either the main market or the small and medium enterprises market (NILEX) within three to five years.
Related News
