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AUR CAPITAL, WADI DEGLA SET UP EGP 2.35BN REAL ESTATE INVESTMENT FUND

Aur Capital and Wadi Degla Developments have signed an agreement to launch Aur-Wadi Degla Fund to acquire Wadi Degla Real Estate with EGP 2.35 billion.

Cairo – Mubasher: Aur Capital and Wadi Degla Developments have signed an agreement to launch Aur-Wadi Degla Fund to acquire Wadi Degla Real Estate with EGP 2.35 billion.

Aur Capital will contribute to the fund with a 30% share through its investment unit Aur Equity, while Wadi Degla will own the remaining 70% share, Alborsa News reported,

This alliance will result in a huge investment entity with larger capital market share, chairman of Aur Capital Ashraf Salman highlighted.

Salman indicated that Aur Hospitality Investment, which will own all the hotels owned by Arco Egypt, has been established by Aur Capital and Wadi Degla.

The joint venture will also operate resorts with total 6,000 rooms in the coming five years.

For his part, chairman of Wadi Degla Majid Helmy said that the new alliance will raise the company’s capital, accelerate current projects and expansion in the Egyptian market, develop real estate sector, and target new segments and new areas outside Cairo, Ain Sokhna, and the North Coast.

The alliance aims to inject around EGP 10 billion over five years through integration between both companies.

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ASHRAF SALMAN ANNOUNCES AUR CAPITAL; ARCO INVESTING EGP 32 BN IN FIVE YEARS

Former Investment Minister Ashraf Salman announced that he is forming a private equity outfit to be named Aur Capital

Ashraf Salman announces Aur Capital; ARCO investing EGP 32 bn in five years
Former Investment Minister Ashraf Salman announced that he is forming a private equity outfit to be named Aur Capital, Al Borsa reports. The consumer-focused GP will launch in December and will focus on investments in real estate, health, education and food, said Salman. Notable investors at the GP level CityStars’ Abdul Rahman Al Sharbatly and the Egyptian Gulf Bank (EGBank). Salman made the announcement at the launch of real estate developer ARCO’s EGP 800 mn Lagoon North Coast project. Salman, who is ARCO’s vice chairman and MD, said real estate prices have risen 20-30% since the float of the EGP, adding that he expects the sector to grow 25% in five years, according to the newspaper.

Also speaking at the launch was ARCO CEO Ayman Ibrahim, who said that the company is investing EGP 32 bn in multiple projects over the coming five years, Al Mal reports. The company has begun marketing the EGP 1.5 bn first phase of its Lavande development in Six of October, he added. ARCO has also hotel management agreements that will see Fairmont, Swissotel and Raffles manage properties at its North Coast community, Al Borsa reported.

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TICKETS FOR OMAR KHAIRAT’S CONCERT IN RUSSIA SELLING ONLINE

CAIRO – 6 June 2018: Tickets for prominent musician Omar Khairat’s concert scheduled to be held in Russia on June 18 now selling online through “e7gezly” Facebook page.
CAIRO – 6 June 2018: Tickets for prominent musician Omar Khairat’s concert scheduled to be held in Russia on June 18 now selling online through “e7gezly” Facebook page.

AUR Capital and Book UR Star Global companies announced on May 6 that a special concert will be held in Russia on June 18 in honor of the Egyptian national team’s participation in the World Cup after a 28-year absence. Khairat will perform during the concert, with the aim of boosting tourism and spreading awareness about Egyptian culture.

The Mariinsky Theatre is a historic Russian masterpiece, located in the cultural city of Saint Petersburg. The theatre was home to several iconic plays composed by Russian giants such as Tchaikovsky, Mussorgsky and Rimsky-Korsakov.

The theatre accommodates 1,300 people and hosts the annual Russian National Day celebrations, along with prestigious symphonies and orchestras.

Ashraf Salman, former minister of investment and current chairman of AUR Capital Company, told Egypt Today that the concert has several aims, on top of which is to present a respectable image of Egypt through Khairat, known for his global reputation as a magnificent musician.

“The Mariinsky Theatre was picked to host the expected concert for its fame. It is one of the three most important theatres worldwide,” Salman said. The ex-minister added that the theatre’s reputation will draw a multinational audience to Khairat’s concert.

Salman said selling the tickets will be handled by international agencies, such as Ticketsmarche.