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Qatari Diar, a wholly owned unit of the sovereign-backed Qatar Investment Authority, has signed a deal with Egypt’s Organi Group to deliver three real estate projects in the North African country.
The news was confirmed by Ibrahim Al Organi, Founder and Chairman of the Egyptian company, which has investments in real estate, construction, transportation, hospitality, and tourism.
Revealing details about the projects in a post on the micro-blogging site Threads, Al Organi said the deal extends to three developments spearheaded by Qatari Diar, including the 5th settlement of the CityGate project in New Cairo, the recently launched $1 billion St. Regis Residences project, along with hotels in Sharm El-Sheikh and Hurghada.
Qatari Diar, which is invested in the CityGate development, started construction of the new phase of the project in February last year. With total investments of 1.75 billion Egyptian Pounds ($36.3 million), the construction includes 422 residential units of various villas, and twin houses.
Commenting on the project at the time, Abdullah bin Hamad Al-Attiyah, CEO of Qatari Diar Real Estate Investment Company, said: “Implementing the new phase of CityGate New Cairo marks an important milestone for Qatari Diar in Egypt as the project will value over $12 billion once completed.”
(Reporting by Bindu Rai, editing by Seban Scaria)
