Egypt’s Heliopolis to boost capital to $63.6m within a year

SourceArab News
SectorFinancial Markets

RIYADH: Egypt's Heliopolis Housing and Reconstruction Company is preparing for a capital increase of up to 1 billion Egyptian pounds ($63. 7 million), to help finance the "New Heliopolis" city project, CEO Tamer Nasser told Al Arabiya. Nasser said the company had a number of major projects under development, including the vast "Heliopolis Park" in New Cairo, on an area of 1, 764 acres. Egypt's property market will start to return to growth mode by the end of this year, he predicted.

DUBAI: JD. com, China's largest online retailer, is set to enter the Middle East market after signing a partnership agreement with Namshi, the fashion and lifestyle platform owned by Dubai's Emaar Malls. As part of the deal, Chinese brands including Baleno, Dodogogo, Latit and Mo&Co will be sold on the Namshi platform. The Dubai-headquartered website will provide JD. com with local logistics, warehousing, marketing and content creation support in the region. Namshi said it also more...