Table of Contents
Gemini Global Development, an Egyptian property development firm controlled by Naguib Sawiris, has signed an investment deal with Chimera that will see the property development firm receive $100 million from the investment company.
Under the terms of the investment deal, the Abu Dhabi-based Chimera will subscribe to a $100-million capital increase in Gemini in return for a significant minority equity stake in the Egyptian property development firm.
Gemini is a property developer under Ora Developers, a real estate operator and investment holding founded by Sawiris.
The Egyptian company plans to spend at least $1 billion to expand its presence in African markets over the next five years.
The investment comes during the expansion phase of the Egyptian property market, as investors from Gulf countries look to tap into one of the largest property markets in the Middle East and North Africa to take positions in attractive companies in the market segment.
The new investment from Chimera will help develop Gemini’s operations as Chimera moves to grow and further enhance its portfolio by gaining exposure to the Egyptian property market, which in recent times has experienced high growth.
The $100-million capital increase will play a vital role in expanding and developing Gemini’s Egyptian real estate operations under Ora Developers.
The investment will put the property developer in the proper position to deepen its activities and scope in the industry in line with its commitment to unlock shared value for all stakeholders.
Chimera Chairman Syed Basar Shueb said the partnership aligns with the company’s commitment to grow and further enhance its global portfolio by investing in a prominent player operating in a high-growth sector in Egypt.
“We are pleased to join forces with a best-in-class founder and management team that have already demonstrated strong capabilities in delivering on Ora’s plans,” he said.
Sawiris, the CEO and chairman of Ora Developers, explained that the partnership with Chimera will enable Gemini to invest in real estate developments across Egypt, creating genuinely unique signature projects throughout the country.
