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Egypt’s Aur Capital is joining Wadi Degla Developments to launch a 2.350 billion Egyptian pound ($131.25 million) private equity fund, part of a strategic alliance in the local real estate market, the companies said on Wednesday.
The fund, named Aur-Wadi Degla, aims to invest up to 10 billion in the local construction sector in a five-year timeframe.
Wadi Degla will own 70 percent share in the new fund, while Aur will hold 30 percent share.
The alliance plans to carry out major projects in the real estate development and tourism sectors, said Ashraf Salman, former investment minister and chief executive of Aur Capital.
