Arab Finance: Banque Misr is getting ready to gradually sell EGP 120 billion worth of untapped land plots or offer them as an in-kind contribution of shares to foreign or Arab investors via The Sovereign Fund of Egypt (TSFE), Al Arabiya reported, citing an official at the bank.
The bank is a step away from selling a plot of these lands located in Sheikh Zayed to a consortium of property developers led by Hassan Allam Properties for a sum of EGP 1 billion, the source said.
The source added that the developers would establish a multipurpose complex on the plot.