Egypt, Kuwait launch Modon for real estate development

Egyptian and Kuwaiti investors established a real estate development company, under the name “Modon”, with huge investments exceeding EGP 5bn, in addition to a huge investment fund with investments of over EGP 10bn.

The new company is expected to launch mega real estate projects in the New Administrative Capital and New Alamein.

According to Talaat Georgios, Chairperson of Modon, the negotiations to establish the company has started about a year ago. 

He explained that the Kuwaiti side welcomed the partnership due to the fact that Egypt is one of the promising markets, thanks to the country’s political stability, in addition to the recent mega projects that the country witnessed in the real estate development sector.

Talaat added that the new and amended laws also enhanced the economic environment, including the amendments to the investment law.