Kuwaiti investment company Al-Juwisry is in negotiations with the Ministry of Housing to launch a social housing project in 6th of October City on an area of 14,000 sqm, according to head of the Board of Directors Adel Al-Juwisry.
The project will be built by 10th of Ramadan for Housing and Construction company which will contract with the Housing Ministry in the next few days to start the project’s implementation.
Al-Juwisry will invest $800m through self-financing to implement different projects in tourism, agriculture, and real estate sectors.
The group launched a touristic resort on an area of 180,000 sqm in the Fifth Settlement. This resort will include a sulphurous lake for Arab tourists.
“This project is the fourth globally and the first in the Arab region to use Swiss expertise though Loca Brown Egypt, a tourism activities company,” Al-Juwisry said. “The company is launching agricultural projects in Upper Egypt with investments of $22m.”
Al-Juwisry agreed with the Commercial International Bank (CIB) to transfer funds to Egypt in order to begin the project’s implementation with $50m as a first instalment.