by Mahmoud Hammad
Ahmed Al-Zahar, the general manager of the investment bank sector in Cairo Company for Financial Investments, revealed that the company is considering the launch of an investment fund in the health sector with a capital of LE500 million during the coming six months, with Egyptian and Arab Gulf contributions.
Al-Zahar declared in an exclusive statement to The Middle East Observer that the fund will be promoted within two months in Egypt and the Gulf region. He stressed that the health sector is one of the most promising sectors in Egypt, and that the domestic market is in need to develop this sector.
Regarding projects from the economic conference held in Sharm El-Sheikh last March, he said, Cairo Financial Investment took over the promotion responsibility for four projects. The South Marina project, which was launched during the economic conference, is now in the phase of evaluation and negotiations with the Urban Communities Authority to reach to the final cost of the project. Al-Zahar illustrated that he is discussing the final contract which will be signed in a month or at an agreed upon time, after which the implementation phase will begin.
He added that the project is going to be implemented by the Arab Investment Company, a real estate firm which signed a memorandum of understanding during the economic conference, and will be held on 2800 acres. The investment cost of the project will be over LE30 billion.
He clarified that the second project, turning rice straw into ethanol at an investment cost of $240 million, is being promoted in Egypt and the Gulf states to attract investors. Moreover, he said that they are now agreeing on the final form of which investors will be called.
He added that the study has been completed at Raas Al-Hekma in the Suez Gulf and Industrial Free Zone projects “which is located next to Ain Sukhna” a land usufruct system. Investors are still studying the two projects.
