Ashraf Salman, former minister of investment, has begun establishing Aur Capital Investment Company, targeting investments of EGP 21bn over five years.
During the press conference held by Al Arabeya Co. for Real Estate Development (ARCO), Salman said that Aur Capital will invest in several sectors, including real estate, health, education, and food. The company will be officially launched in December.
He explained that the company is comprised of a partnership between Egyptian and Arab investors, including Abdul Rahman Sharbatly and the Egyptian Gulf Bank.
Salman, vice chairperson and managing director of ARCO, predicted that real estate prices will go up by 20-30%, in light of floating the Egyptian pound. Nevertheless, he said the sector is nominated to grow by 25% over the coming five years.
He stressed the importance of providing new financial tools in the sector to maintain the customers’ purchasing power, highlighting ARCO’s move to extend payment over 12 years.