Dubai: Egyptian billionaire Naguib Sawaris is striking a deal with Abu Dhabi’s Chimera for investments in Egypt’s real estate.
The deal sees Ora Developers, headed by Sawari, receive $100 million from Chimera. This will be routed through Gemini Global Development Egypt, in which Chimera will have a “significant minority stake’.
This will support the expansion and development of Gemini’s Egyptian real estate operations under Ora Developers, which is the name behind Zed El Sheikh Zayed, Zed East, Pyramid Hills and the newly launched SilverSands on Egypt’s North Coast.
“Since inception, our goal for Ora Developers was to continuously seek opportunities that will help us expand our offerings to various markets while partnering with leading global investors, contractors and retailers,’ said Sawari. “We are committed to investing in real estate developments across Egypt creating truly unique signature projects throughout the country. Our partnership with Chimera will ensure we deliver on our commitment.”
Chimera’s track record
Chimera is an Abu Dhabi-based private investment firm managing a portfolio of listed and unlisted equities in both local and regional markets. It is part of Abu Dhabi’s Royal Group, a conglomerate of over 60 entities and employing 120,000 employees. Royal Group is active in real estate, construction, fast-moving consumer goods, food and beverage, hospitality, aviation, healthcare, and general investments. In a statement, Syed Basar Shueb, Chairman of Chimera, said: “Chimera continues to grow and further enhance its global portfolio by investing in a prominent player operating in a high growth sector in Egypt. We are pleased to join forces with a best-in-class founder and management team that have already demonstrated strong capabilities in delivering on Ora’s plans.”
