Asal Holding expands into Egypt via strategic acquisitions

Asal Holding, a Saudi investment fund, has announced the acquisition of Saudi-based Kayan Contracting and Zurich Real Estate Development. This strategic move aims to strengthen the group's presence in the Egyptian real estate market.

According to Haitham El-Sherbiny, Chairman of Asal Holding and Zurich Real Estate Development, the acquisition leverages Saudi investment capabilities alongside Egyptian market opportunities. The company plans to utilize a land portfolio valued at approximately 50 billion Egyptian pounds, distributed across several new cities, including Sheikh Zayed, New Cairo, New Mansoura, and New Damietta.

The expansion strategy includes the development of seven diverse real estate projects. El-Sherbiny noted that Zurich Real Estate Development has already paid more than 80% of the value of its land holdings, providing a strong financial foundation for upcoming projects and future portfolio diversification.