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Naguib Sawiris, CEO of Egyptian businessman and Chairman of Ora Developers, announced the signing of an investment agreement with Chimera (“Chimera”) in Abu Dhabi. Chimera will subscribe for the capital increase of Gemini Global Development Egypt (“Gemini”) through its subsidiaries in exchange for Gemini’s investment. Large minority stakes.
The capital increase will further support the expansion and development of Gemini’s Egyptian real estate business under Ora Developers (“Ora”). Ora is a successful real estate developer and operator of flagship brands such as Zed El Sheikh Zayed, Zed East, Pyramid Hills and the newly launched SilverSands on the North Coast of Egypt. In addition to various residential development projects, Ora is also a leader in investment in commercial real estate, office parks, sports and social clubs, and hotels.
Even during the COVID-19 pandemic, Ora remains resilient and continues to deliver innovative and trustworthy development projects on time to its growing customer base in Egypt and around the world according to the highest quality standards.
Britain. Naguib Sawiris is proud of this landmark investment opportunity of Ora Developers. He affirmed: “Since its establishment, our goal for Ora Developers is to constantly seek opportunities to help us expand our products to various markets, and at the same time with the global Leading investors, contractors and retailers cooperate. We are committed to investing in real estate development projects across Egypt, creating truly unique landmark projects across the country. Our cooperation with Chimera will ensure that we deliver on our promises.”
Syed Basar Shueb, Chairman of Chimera, said: “Through this partnership, Chimera continues to grow and further strengthen its global portfolio by investing in well-known companies in Egypt’s high-growth sectors. We are very pleased to work with the best-in-class founders and management team. , They have shown strong capabilities in implementing Ora’s plan.”
Haitham Mohamed, CEO of Ora Developers Egypt, added: “Ora Developers aims to develop sustainable, luxurious and practical communities. We are constantly working to introduce new concepts and bring innovation to the markets we operate. Therefore, our projects have caused great With great interest and demand, we are expected to deliver the project on time while exceeding customer expectations.”
Mirian Khalaf, Head of Private Equity at Chimera, commented: “Our investment in Ora is supported by a strong belief in the healthy prospects of the Egyptian real estate industry and an exciting plan that provides a range of differentiated and innovative real estate products to Egyptian owners. Extensive customer base.”
Finally, Gemini Holding Executive Chairman Hassan Abdou added: “Our partnership and close relationship with Chimera is only the first step in our joint efforts in Egypt. In view of the extremely challenging conditions facing the world economy today, we are very pleased to be able to This level of support is received from a prestigious global investor. This partnership recognizes the quality we have delivered as a business so far and our mutual trust in our vision for the future.”
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