Ashraf Salman, Egypt’s former minister of investment, announced plans to launch Aur Capital Investment Company, targeting investments of 21 billion Egyptian pounds ($1.2 billion) over five years.
Salman further said that Aur Capital would invest in several sectors, including real estate, health, education, and food. The company will be officially launched in December.
He explained that the company is a partnership between Egyptian and Arab investors, including Saudi businessman Abdul Rahman Sharbatly and the Egyptian Gulf Bank (EGB).
Salman, vice chairperson and managing director of Al Arabia Real Estate and Development (ARCO), expected that real estate prices would go up by 20-30 percent, driven by the central bank’s decision to float the Egyptian pound.
Nevertheless, he said the sector is nominated to grow by 25 percent over the coming five years.
He stressed the importance of providing new financial tools in the sector to maintain the customers’ purchasing power, highlighting ARCO’s move to extend payment over 12 years.
