These partnership offers, which include proposals from Saudi investors, are expected to be finalized in the first quarter of 2024, Esmat revealed during an interview with Asharq Business.
Under the proposed partnerships, companies affiliated with the public business ministry will provide land for the projects, while investors will be responsible for carrying out the development work, he added.
“Egypt intends to enhance the returns from its unused lands and real estate assets,” the minister emphasized.
One of the major partnerships in the pipeline involves the Heliopolis Company for Housing and Development, a prominent government housing company.
However, Esmat clarified that there are no plans to sell any shares in the company and that their focus is “solely on evaluating partnership offers.”
Currently, the Holding Company for Construction and Development owns approximately 72.25 percent of the shares of the Heliopolis Company, which has a capital of around EGP 334 million and a market value of about EGP 15 billion.