Saudi’s Al-Ameriah Company requests majority stake in Heliopolis Housing Company

The Saudi Al-Ameriah company, which operates in the field of real estate and tourism investment, submitted an official request to acquire a majority stake in Heliopolis Company for Housing and Development, affiliated to the Egyptian public business sector.

The Saudi company requested to acquire 70 percent of the entire shares of Heliopolis Company for Housing and Development for US$400 million, equivalent to LE13 billion.

The Cairo 24 news website reported that the Saudi Al-Ameriah company submitted the acquisition request to the Minister of Planning and Economic Development, Hala al-Saeed, in her capacity as Chairman of the Board of Directors of the Sovereign Fund of Egypt.