Arab Finance: UAE-based real estate developer Aldar Properties is currently in talks to acquire 100% of the financially distressed firm IMKAN Misr, owned by the institutional investment group Abu Dhabi Capital Group, Asharq Business reported, citing two sources familiar with the matter.
IMKAN Misr has incurred huge losses recently due to the devaluation of the Egyptian pound and low-price selling compared to high development costs of projects, one source said.
Aldar Properties’ potential acquisition aims to rescue and pull IMKAN Misr out of its ongoing losses, the source added.