Last checked at 5 Aug 2020 10:19
Termination of negotiations between Orascom Investment Holding, Qatari Diar Real Estate Investment Company and Bawabet Al Sharq Misr For Real Estate Development
Cairo, August 4, 2020, Orascom Investment Holding S.A.E ("Orascom") announced today the termination of negotiations between Orascom, Qatari Diar Real Estate Investment Company Q.P.S.C and Bawabet Al Sharq Misr For Real Estate Development S.A.E.
It is worth noting that the negotiations concerned Orascom's contemplated acquisition of a stake in Bawabet Al Sharq Al Qahira Al Guedida For Real Estate Development S.A.E, the developer of "City Gate" project, but the time frame set by the parties to conclude the negotiations has ended without obtaining the necessary prior approvals to reach a mutually satisfactory agreement.
- END -
About Orascom Investment Holding (Orascom Investment)
Orascom Investment Holding has been operating as a holding company with investments mainly in the telecom, media & technology and cable businesses since its establishment in 2011. Born out of the split of assets between OTMTI and VEON (formerly known as Vimpelcom), Orascom Investment holds the legacy of the region's most successful telecoms operator. As the industry matured, Orascom Investment recently adopted a new direction to diversify its portfolio from a solely Telecom and Technology based firm to an Investment Holding company.
Orascom Investment Holding invests in industries that are critical to the future, including energy, financial services, food industries, real estate development, logistics and transport. Orascom Investment Holding is currently exploring opportunities across Egypt, Africa and the Middle East. Wherever we invest, we will always aspire to transform lives to make a lasting contribution to sustainable economic development.