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Egyptian businessman and the CEO and Chairman of Ora Developers, Naguib Sawiris, announced on Monday the signing of an investment deal with Abu Dhabi-based Chimera whereby the private investment firm will acquire a "significant" minority stake in Sawriris' Gemini Global Development Egypt.
Egyptian businessman and the CEO and Chairman of Ora Developers, Naguib Sawiris.
Ora Developers said in a statement that Chimera, through its subsidiary, will subscribe to a capital increase in Gemini in return for the equity stake, which will support the expansion and development of Gemini’s Egyptian real estate operations under Ora.
Ora's residential developments include Zed El Sheikh Zayed, Zed East, Pyramid Hills and the newly launched SilverSands on the Egyptian North Coast. Additionally, Ora has invested in commercial real estate, office parks, sports and social clubs, as well as hospitality.
Sawiris said the company is committed to investing in signature projects across Egypt while Syed Basar Shueb, Chairman of Chimera, said the firm's investment "in a prominent player operating in a high growth sector in Egypt" further enhances its firm's global portfolio.”
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
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