Cairo developer Al Ismailia for Real Estate Investments plans to raise $80m from investors to buy and restore crumbling buildings in the Egyptian capital’s centre to their late 19th-century elegance.

Al Ismailia, whose shareholders include Egyptian billionaire Samih Sawiris and Saudi private-equity firm Amwal al Khaleej, will start raising funds from investors in Egypt and other Middle East countries starting in October, chief executive officer Karim Shafei said in interview last week. The process will probably take two or three months, he said.

bloomberg.com