Saudi Arabia’s Fawaz Al Hokair Group invests over $480m in Egypt, aims to inject more

Fatma Salah
2 Min Read

FAS Real Estate, affiliated to Fawaz Al Hokair Group, aims to launch new real estate projects in Egypt’s Cairo and North Coast.

Turki Al Hokair, CEO of FAS Real Estate, said that the company seeks to utilize the existing opportunities in the Egyptian market, as it is planning to establish two new residential and commercial projects.

Al Hokair noted that the Group’s investment in Egypt exceeded SAR 1.8bn ($480m), focusing on real estate, malls, and clothing. The Group is ready to pump more investments during the coming period.

He revealed that the company is in the process of expanding in the renewable energy sector in Egypt, in partnership with the Egyptian government. He added that a new joint project will be announced later.

Fawaz Al Hokair Group may offer one of its companies on the Egyptian Exchange, Turki Al Hokair said.

FAS Real Estate operates in 16 countries. It owns 23 commercial centres, in addition to other under-construction projects, with an annual return on investment of more than $2bn.

He pointed out that the offering plan will be similar to the three companies listed on the Saudi Exchange, which are Fawaz Al Hokair, Al Hokair Fashion Retail, and Arabian Centres Company.

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