Banque Misr to establish EGP 4B real estate development firm

Updated 12/30/2024 11:51:00 AM
Banque Misr to establish EGP 4B real estate development firm

Arab Finance: Banque Misr, Egypt's second-largest state-owned bank, plans to establish a real estate development and asset management company with a capital of EGP 4 billion, an unnamed official in the know told Asharq Business.

Banque Misr will directly contribute 40% of the capital, while Misr Abu Dhabi Real Estate Investment, a majority-owned subsidiary, will hold the remaining 60%.

The new company will manage and develop real estate assets owned by the lender, with its first project set to launch in Sheikh Zayed in the first quarter (Q1) of 2025.

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