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Aldar Properties PJSC is considering buying a majority stake in Egyptian developer Medinet Nasr Housing, Bloomberg reported citing people familiar with the matter.
The deal would strengthen the Abu Dhabi developer’s presence in the Arab world’s most populous country, the report added.
The Egyptian government owns a 15 percent stake in Medinet Nasr.
A consortium comprising Aldar Properties and Abu Dhabi's ADQ last year acquired a majority stake in another Egyptian developer SODIC.
Aldar is 25 percent owned by Abu Dhabi state fund Mubadala. It plans to spend at least $1.36 billion this year acquiring revenue-generating assets.
(Writing by Brinda Darasha; editing by Seban Scaria)
