An Egyptian real estate firm has established a new venture and looks to pump EGP 10 billion ($208.4 million) investments into the real estate sector in Egypt.

Cairo-based developer Golden Town Development said on Monday that it has tied up with Saudi businessman Ahmed bin Abed Al-Juhani to carry out investments in Egypt.

“This alliance aims to pump huge investments, acquire a large and distinctive land portfolio, and establish many real estate projects during the coming period,” according to Raafat Maher, Chairman of Golden Town Development. 

Golden Town did not provide further details on the Saudi businessman’s role in the new venture. The alliance is part of the company's expansion strategy in Egypt.

“The company’s expansion plans aim … to pump investments exceeding 10 billion pounds and … invest in purchasing a new real estate land portfolio in… new cities,” the statement said.

The company said it is looking into Egypt's modern cities, such as the Administrative Capital and the North Coast, as well as East and West Cairo and the new Sheikh Zayed City.

Golden Town is set to launch in the next few days its largest project, a commercial, entertainment and service development, which will feature three connected towers.

Golden Town’s project portfolio includes hotels, mixed-use towers and apartments, among others, according to its website.

(Writing by Cleofe Maceda; editing by Seban Scaria)