(MENAFN- Daily News Egypt) New real estate law, implemented earlier this year, should help collect the full amount by the end of the current fiscal year, which began on the 1 July. Photo courtesy of Palm Hills Development
The Pioneers Holding Company (PHC) is negotiating with the Ministry of Housing on two major real estate projects outlined at the Economic Summit,according to Haitham Al-Ansari, PHC Managing Director of the investment-banking sector.
Al-Ansari told Daily News Egypt that the PHC formed a consortium from Egyptian, Saudi, UAE, and US companies, to have investments in the declared projects. He added that the real estate projects witnessed a great turnout from investors.
The PHC is interested in the real estate projects, as it has 51 companies in three sectors, including industry, real estate, and about 12 companies providing financial services. The current capital is EGP 6bn, according to Al-Ansari.
Al-Ansari added that the Economic Summit created a great transformation in economic dynamics, and changed the market from a sellers' market to a buyers' market.
"The Egyptian market in the past period was full of sellers (the people who need fund for their activities and there were no buyers), then the summit buyers appeared in the market who want to invest their money amounting to between EGP 100m to EGP 1bn," Al-Ansari said. "Now we are experiencing a great turnout of buyers who want real investments opportunities, which is good in doing our business, and has revived the market again."
Al-Ansari noted that a rise in the investment market is expected after the Economic Summit, adding that PHC business and investments will largely grow.
He confirmed that the PHC acquired 60% of Roiaa Real Estate Invest Group, an acquisition worth EGP 1.2bn. He added that the holding company acquired 85% of Arab Dairy Products Company through competitive bid, the PHC's pre-bid shares being at 25%.
He added that the PHC owns electricity cables company, Electro Cable Egypt (ELEC), as the PHC is interested in feeding industries to infrastructure sector.
In addition, the PHC has wholly acquired the Giza Power Company after the Economic Summit, due to its belief in the importance of energy in developing these giant projects. The bank has advisory mandates for a number of medicine companies and investors in the medical sector, inside and outside Egypt.
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