Barwa to invest $8.4bn in Egypt project

Barwa Real Estate, Qatar’s largest publicly-traded property developer, is looking at investing 50bn Egyptian pounds ($8.39bn) in its project in New Cairo city that covers an area of about 8.5mn square metres, an Arabic newspaper reported yesterday. A delegation from Barwa has recently met with the company’s executive management in Egypt to discuss allowing Egyptian contractors to participate in the project, the paper said, citing Abdullah bin Abdulaziz, Barwa Group’s chief executive. The delegation wanted to follow up the project’s first phase which comprises the project’s administrative and commercial aspects and to determine the investments that will be injected in the Egyptian market over the coming years, the daily said.