Egyptian real estate firm Amer Group is toasting its success after winning a bid to develop a 2.8 million square metre plot south of Cairo, it said Sunday, adding a new project to the newly listed firm's expanding portfolio. The firm, whose initial public offering in November was heavily oversubscribed, was awarded the plot by Egypt's Tourism Development Authority, it said in a statement. Amer, which sells holiday homes on Egypt's coasts and elsewhere, will develop the plot of land in Fayoum, a city south of Cairo, in a bid to boost tourism in the area, the firm said. The firm told Reuters in an interview in October that it sees enough untouched land along Egypt's coasts and in its deserts for another 20 of its residential and commercial projects. Shares in the property conglomerate, which owns hotels, restaurants, malls, a catering firm, a utilities company and other businesses, were unchanged in early trading, while the benchmark index, the EGX30 was up 0.9 per cent.
