(MENAFN- Daily News Egypt) Eagle Hills Properties, a real estate company owned by Emirati businessman Mohamed Alabbar and part of Emaar Group, is in talks with the Sovereign Fund of Egypt (TSFE) to buy a major government real estate company operating in the Egyptian market, according to informed sources.
The sources, who preferred to remain anonymous, said that Eagle Hills is exploring various opportunities in the Egyptian real estate market, especially in the development sector. The negotiations are still at an early stage and no official offers have been made yet.
The Pre-IPO Fund, which was established by TSFE to facilitate the offerings of government companies to strategic investors, includes seven companies in different sectors, one of them being Midar for Investment and Urban Development, formerly known as Mostakbal for Urban Development.
Emaar is the largest real estate development company in Dubai and is affiliated with Alabbar, who also chairs the board of directors of Eagle Hills, a real estate development company based in Abu Dhabi. Eagle Hills has projects in several countries, including Emirates, Bahrain, Oman, Jordan, Morocco, Serbia, and Ethiopia.
Last August, Emaar launched a new project in the North Coast with an investment cost of EGP 53bn, in partnership with Eagle Hills Egypt for Project Management and Investment. The project, which covers an area of 518 feddan, was named SOUL and the first phase was launched. The project will include 2,500 luxury residential units, villas, and commercial and tourist units, according to the project plan prepared by international companies specialized in urban and tourism planning. The necessary licenses are currently being obtained for construction to start.
Alabbar, founder of Emaar Misr and Chairperson of Eagle Hills, said in a previous statement that his company's expansions at the North Coast are the result of the excellent tourist activity there and the company's need for development in line with the government's policies.
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