The Binladin Group of Saudi Arabia has allied with a Kuwaiti company to invest in a large housing project in Egypt at a cost of 5 billion Egyptian pounds ($256 million).
Marasem Real Estate Development, a subsidiary of Binladin, signed an agreement with Kuwait’s Bukhamseen Company to build houses in Sheikh Zayed City near the capital Cairo, according to a Kuwaiti newspaper.
The project, named ‘Marascene’ has an area of around 275,000 square metres, the Arabic language daily Alanba said.
“This is a large project which will be completed within seven years...we expect revenue to reach 9 billion pounds ($461 million),” Bukhamseen’s CEO Imad Bukhamseen said without providing further details.
The paper quoted Binladin’s Chairman Omar bin Ladin as saying Marasem Company manages assets in Egypt of more than 6 billion pounds ($307 million) and that it has won several contracts in the country’s construction projects covering airports and new residential cities.
(1 US Dollar = 19.54 Egyptian Pounds)
(Writing by Nadim Kawach; Editing by Anoop Menon)