Cairo – Mubasher: Malaysia’s Architecture & Creative Arts System (ACASYS) will invest $5 billion in Egypt after obtaining the Egyptian government approval.
The firm has requested the Egyptian Minister of Housing to establish 250,000 residential units with investments worth up to $5 million, according to the company’s statement.
Egypt’s housing minister welcomed the Malaysian company’s offer, but he hasn’t approved it yet.
The group will start working on the implementation of these units right after getting the approval of the Egyptian government, Hisham Fathy, the regional director at ACASYS, added in a press release.
ACASYS is aiming to expand and reach the African markets through Egypt, Fathy noted.
It is worth mentioning that ACASYS Group has offices in Malaysia, China, Dubai, and Vietnam.
The group is also operating China’s major firms, including Zhong Yang Construction Group Co. Ltd, China MCC5 Group Corp. Ltd, Power Construction Corporation of China, China Energy Engineering Co. Ltd, China Real Estate Group Cengdu Developing Co. Ltd.
