A consortium of five Egyptian real estate, contracting, marketing, consulting, and management firms is planning to execute a real estate project in Oman with investments of up to $1 billion.
Muscat, Oman © Mena Today
A consortium of five Egyptian real estate, contracting, marketing, consulting, and management firms is planning to execute a real estate project in Oman with investments of up to $1 billion, Al Borsa News reported, citing Chairman of Alshams for Contracting Shams El Din Youssef.
In addition to Alshams for Contracting, the consortium comprises Alexandria Company for Investment and Development, the real estate marketing firm Real Mark, Construction and Project Management Consultancy, and another contracting company specialized in infrastructure projects, Youssef pointed out.
The consortium is currently in talks with the Omani government over the timeline and final investments of the project, he added.
He noted that the Omani government proposed the project to Alexandria Company for Investment and Development to benefit from the expertise of Egyptian firms for the development of an integrated city that includes residential, commercial, and administrative units.
Egypt's total budget deficit fell to 505 billion Egyptian pounds ($10.5 billion) in fiscal 2023/24 that ended on June 30, compared with 610 billion pounds a year earlier, finance minister Ahmed Kouchouk said in a statement on Wednesday.
Egypt will halt load-shedding power cuts during the summer as of Sunday, after some natural gas shipments arrived, Prime Minister Mostafa Madbouly said on Wednesday, in a bid to end a crisis that inconvenienced a population of 106 million.
Islamic State claimed responsibility for an attack at a Shi'ite Muslim mosque in Oman, the group said on Tuesday, which left at least nine people dead, including three attackers, a rare security breach in the oil-producing Gulf state.
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