CAIRO: Egyptian real estate company Amer Group has established four new companies in Egypt, Syria and Saudi Arabia to focus on tourism and property development, a newspaper reported on Monday. "Amer Group Holding has concluded procedures to establish four new companies working in the field of tourism and real estate development," Al-Borsa cited the company's investment relations manager, Reyad Refaat, as saying. The companies, which are 99 percent owned by Amer Group Holding, will include two in Egypt, one in Saudi Arabia and one in Syria, the report said. Porto Pyramids, with capital worth LE 5 million ($838,900), will develop a 102,000 square-meter project including 240 residential villas near the Pyramids of Giza, the paper said. The other Egyptian-based firm, called Porto Fayoum, with LE 10 million of capital, plans to begin a resort on 2.7 million square meters in Fayoum, south of Cairo, by the end of 2011, according to Al-Borsa. Amer Syria will manage and operate the Porto Tartous tourism project with more than 3,700 serviced apartments, a shopping mall, 100,000 square meters of office space and a yacht marina. Saudi unit Amer Raya will set up Porto Jeddah project and expand restaurant chains, the paper said.
