Arab Finance: Atlas for Investment and Food Industries (AIFI) has signed a memorandum of understanding (MoU) and a real estate development company to execute a cooperative real estate project on a 51,566-square meter plot owned by the former on Cairo-Alexandria desert road, kilo 43 in the area of Sheikh Zayed, as per a statement on April 26^th.

The real estate developer will be responsible for paying all the construction costs for 37% of the project’s sales.

The project is set to be completed within about six years as of date of signing the MoU.

Signing the final contract is subject to AIFI’s ordinary general meeting’s (OGM) approval.

It is worth mentioning that the firm reduced its consolidated loss after minority interest in 2022 by 74.6% to EGP 1.119 million from EGP 4.41 million in 2021.

Atlas, established in 1997 and listed in 2012, has four subsidiaries focusing on real estate, farm development, and agricultural processing.

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