Libyan Foreign Investment Company and Landmark Sabbour, signed an MoU through where Landmark Sabbour will act as the developer of a 344,000 sqm premium-quality mixed-use project, in New Cairo on the land owned by Lakeside, with an investment worth EGP 10bn.
A subsidiary of the Libyan Foreign Investment Company, established in Libya 1981, Lakeside for Real Estate and Touristic Investments possesses real estate, touristic, agricultural, financial, and industrial investments across the globe. Its Egyptian portfolio sees around EGP 40bn of investments.
Landmark Sabbour is among the nation’s few real estate companies with a portfolio expanding beyond the Egyptian borders. It penetrated markets in Dubai and Barcelona, with a total of 5,000 units covering 3m sqm, including its Egyptian residential, hospitality, administrative and commercial ventures in Cairo, Sharm El Sheikh, and the North Coast.
Amr Sultan, managing director of Landmark Sabbour said that “this alliance only marks the beginning of our collaboration with Lakeside, one that is set to present a model that is able to compete locally and globally, thanks to the standards we offer in our development processes and the land’s impressive location.”
Libyan Ambassador to Egypt, Salem Heneish said that “throughout the past seven years, and in cooperation with the Egyptian government, the two countries were able to resolve several issues concerning our investments in Egypt. “
Heneish also indicated, “We are glad that we have reached a point where we can take action and move forward with our partnerships here.”