openPR Logo
Press release

Egyptian-American Investor Sells Mediterranean Project for $211 M

10-29-2018 03:14 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Mind for IT and Media

/ PR Agency: Mind for IT and Media
Inertia for Real Estate Marketing & Development, S.A.E. (Inertia), a leading and fast-growing joint stock Egyptian company, has completed the acquisition of about 35% stake of AK for Real Estate Marketing & Development, S.A.E. (AKREM), one of Egypt's largest land-bank owners.

Administered by Dr. Mohamed Hamouda, one of the top attorney's in the Middle East, the deal is rumored to be in the amount of three billion eight hundred million Egyptian pounds; the equivalent of approximately two hundred and eleven million US dollars.

In November 2016, following the exceptional success of the acquisition, the two companies agreed to distribute the estimated fifty-five billion Egyptian pounds in proceeds , with Inertia receiving the higher portion of the 70/30 split. Inertia took a step further and on October 17, 2018, a three way agreement including Inertia, AKREM, as well as one of Egypt's top banks was executed, concluding the deal.

" I believe that this transaction benefits everyone involved", says Dr. Mohamed Hamouda, representing the sellers side of the transaction. "My client, Dr. Kandeel, has always had the vision of turning this beautiful land plot into an amazing destination. Inertia is capable of turning such vision into reality".

"I am excited for Inertia, and I believe they will become one of the top five real estate developers in the Middle East in the coming few years", said Dr. Ayman Kandeel, representing the majority of the 35% sellers. "Their project Jefaira, on AKREM's land,is already on the map as one of the largest of its kind, along the Mediterranean coastline".

About Inertia: Established in 2007, Inertia is a leading Egyptian real estate development company, developing distinctive, dynamic and valuable properties and developments in various regions in Egypt.

About AK for Real Estate: AK for Real Estate Marketing and Development, S.A.E. was created in 2006 by Dr. Ayman Kandeel, an Egyptian-American investor and entrepreneur, with the initial purpose of acquiring and developing the beachfront land himself.

About Dr. Mohamed Hamouda: With a Ph.D. in law from Sorbonne University, Paris, Dr. Hamouda is the founder and chairman of the Arab International Law Firm. Established in 2004, and covering multiple legal disciplines including commercial, criminal and family law, the Arab International Law Firm is considered the top legal office in Egypt, and one of the top in the entire Middle East.

Mind information technology and Media
20, El Kawthar st, Mohandseen, Cairo, Egypt
Nora Sadek
Business Developer
Office: +202 333 87 641
Fax: +202 333 87 673
Mobile: +2 01099361977
Email: nsadek@mindholding.net

Sherief Hashem
CEO
20, El Kawthar st, Mohandseen, Cairo, Egypt
Office: +202 333 87 641
Fax: +202 333 87 673
Mobile: +2 01001550667
Email: shashem@mindholding.net

Web : www.mindholding.net

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Egyptian-American Investor Sells Mediterranean Project for $211 M here

News-ID: 1333874 • Views: 527

More Releases for Egypt

Egypt Honey Market Snapshot by 2023
In the coming years, the Egyptian honey market is expected to grow at a significant pace. Honey acts as an antioxidant and provides relief from a cough and is, therefore, used as a natural remedy for mild allergies. It is also applicable in the cosmetics industry for its skin nourishing properties. Moreover, innovations in processing technology to increase the production of honey are expected to drive product demand in various
Egypt Herbs & Spices Market Snapshot by 2022
In the coming years, the Egypt Herbs and Spices market will advance at an incremental pace of development during the forecast period. Increasing application of Herbs and Spices in medicine, cosmetics, and other applications will fuel the growth of Herbs and Spices market further during the assessment period. Innovations in processing technique to increase the production of Herbs and Spices product will foster its growing need across various industries. GET
Egypt Zohr Project Panorama
ReportsWeb.com published “Egypt Zohr Project Panorama” from its database. The report reviews top companies involved and enlists all trials pertaining to the company. Report provides latest news for the past three months. Original Content: Egypt Zohr Project Panorama, Publisher's latest release, presents a comprehensive overview of the asset. This upstream report includes detailed qualitative and quantitative information on the asset, provides a full economic assessment and reflects several parameters including (but not
Consumer Lifestyles in Egypt Market
Consumers face numerous financial challenges, including devalued currency, high inflation and rising food prices, which have significantly affected consumer confidence and, in turn, household spending. But while most are adapting to a more restricted shopping regimen, affluent households continue to spend. Online shopping has been hampered by low internet penetration rates, but this is projected to change soon. Young Egyptians are driving increased demand in a wide range of consumer
Agrochemicals Market in Egypt
ReportsWorldwide has announced the addition of a new report title Egypt: Agrochemicals: Market Intelligence (2016-2021) to its growing collection of premium market research reports. The report “Egypt: Agrochemicals: Market Intelligence (2016-2021)” provides market intelligence on the different market segments, based on type, active ingredient, formulation, crop, and pest. Market size and forecast (2016-2021) has been provided in terms of both, value (000 USD) and volume (000 KG) in the report. A
Egypt Radio LIve
Offering the ultimate Egyptian Live Radio, we tend to provide our users with an unbeatable application, which is compatible only with iPhone, iPod and iPad touch. This exclusive application serves the premium Radio Stations available in any country. So, pamper yourself to get acquainted with a comprehensive range of entertainment options. You are enabled to listen to the state-of-the-art music of renowned singers, spectacular programs as well as newsworthy information