Asl Holding, a Saudi investment fund, announced the acquisition of Saudi-based Alkayan Technical Alarabia and Zurich Developments as part of its plans to expand activities in the Egyptian market.
The acquisition supports Asl Holding’s investment strategy in Egypt’s real estate sector and provides Zurich Developments with additional capabilities to enhance its existing portfolio and pursue new projects.
The new ownership structure combines Asl Holding’s investment capacity, Zurich Developments’ portfolio, and the execution expertise of Alkayan Technical Alarabia.
Haitham El-Sherbiny, Chairperson of Asl Holding and Zurich Developments, said the acquisition marks a new phase in Zurich Developments’ growth and will strengthen the company’s expansion in Egypt. He added that the company plans to build on its existing portfolio while evaluating further investment opportunities in strategic locations.
El-Sherbiny noted that the transaction reflects Saudi investors’ interest in the Egyptian market, citing strong demand, investment opportunities, infrastructure development, and ongoing urban expansion. He highlighted that Zurich Developments enters this new phase with an existing land bank and diversified project portfolio, with more than 80% of the land value already paid. According to him, this provides greater flexibility in executing development plans, while project delivery will remain a key priority.
Ahmed Attia, CEO of Asl Holding and Zurich Developments, said the acquisition offers additional opportunities to expand business and complete ongoing projects. He added that Asl Holding will support Zurich Developments through its investment capabilities and expertise, while the company continues to assess new opportunities in areas with strong development potential.
Attia emphasized that the addition of Alkayan to the investment structure will create stronger integration between financing, development, and construction activities, supporting project execution and improving coordination across development stages. He noted that the company also aims to maintain long-term customer relationships by focusing on delivery and quality rather than sales and launches alone.
Alkayan Technical Alarabia is an integrated services group established more than 20 years ago. It employs over 520 professionals and has worked on 28 projects across retail, mixed-use developments, healthcare, education, hospitality, and residential sectors.
Asl Holding’s portfolio in Egypt now comprises seven projects following the acquisition of Zurich Developments. These include four projects in the Delta region under Zurich Developments, two projects in the Fifth Settlement of New Cairo, and WAVES in New Damietta—a mixed-use project with administrative, commercial, and medical components—alongside Al Rayan, a medical project.
In New Mansoura, the portfolio includes MIRAL, a mixed-use development with residential and commercial components and serviced apartments, as well as Al Rayan 2, a medical center. The company also owns two projects in the Fifth Settlement, New Cairo, with land already approved by the Ministry, allowing development procedures to proceed.
Additionally, the portfolio includes a mixed-use commercial, administrative, and hotel project in Sheikh Zayed City.
