Asl Holding Acquires Alkayan and Zurich Developments to Expand Egypt Presence
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Saudi investment fund Asl Holding has acquired Alkayan Technical Alarabia and Zurich Developments, adding seven projects to its Egyptian real estate portfolio.
Asl Holding, a Saudi investment fund, has announced the acquisition of Saudi-based Alkayan Technical Alarabia and Zurich Developments as part of its plans to expand activities in the Egyptian real estate market.
The acquisition supports Asl Holding's investment strategy in Egypt's real estate sector and provides Zurich Developments with additional capabilities to enhance its existing portfolio and pursue new projects. The new ownership structure combines Asl Holding's investment capacity, Zurich Developments' portfolio, and the execution expertise of Alkayan Technical Alarabia.
Haitham El-Sherbiny, Chairperson of Asl Holding and Zurich Developments, said the acquisition marks a new phase in Zurich Developments' growth and reflects Saudi investors' interest in the Egyptian market, citing strong demand, investment opportunities, infrastructure development and ongoing urban expansion. He noted that Zurich Developments enters the phase with more than 80% of its land value already paid.
Ahmed Attia, CEO of Asl Holding and Zurich Developments, said the addition of Alkayan would create stronger integration between financing, development and construction activities, supporting project execution and improving coordination across development stages.
Alkayan Technical Alarabia is an integrated services group established more than 20 years ago, employing over 520 professionals across 28 projects in retail, mixed-use, healthcare, education, hospitality and residential sectors. Asl Holding's Egyptian portfolio now comprises seven projects following the acquisition, including developments in the Delta region, the Fifth Settlement of New Cairo, New Damietta and New Mansoura.