Egypt’s Heliopolis to Boost Capital

Egypt’s Heliopolis Housing and Reconstruction Company is preparing for a capital increase of up to 1 billion Egyptian pounds (~US$63.7 million), to help finance the “New Heliopolis” city project, CEO Tamer Nasser told Al Arabiya.

Nasser said the company had a number of major projects under development, including the vast “Heliopolis Park” in New Cairo, on an area of 1,764 acres. Egypt’s property market will start to return to growth mode by the end of this year, he predicted.