Egypt's 'Arabia Group' has recently acquired a majority stake in the 'Sun Capital' project. The deal worth over EGP 5 billion (approx. USD 317 million) was signed on 4th October 2021.

Sun Capital is one of the largest residential compounds in the west of Cairo, stretching over 557 acres of land. The project includes more than 11,000 residential units, a shopping mall, a medical center, a school, a sports club, and various commercial spaces. The project is situated in the 6th of October City, a satellite city west of Cairo, and is easily accessible from the city center.

Sun Capital has been developed by the 'Arkan Developments', which is a subsidiary of the Saudi Bin Laden Group. However, the project has faced certain delays due to the broader economic slowdown resulting from the COVID-19 pandemic. Therefore, the Arabia Group has stepped in to provide financial support and management expertise to ensure the project's timely completion.

In a statement, the Arabia Group's chairman, Tarek Shoukry, said that the company will infuse new funds into the project and deploy a team of experts to manage it efficiently. He also highlighted the project's strategic location and its potential to become a vital hub for residential and commercial activities in the area.

The Arabia Group is a leading Egyptian conglomerate with a diversified portfolio of businesses, including financial services, real estate, retail, and construction. The company operates across the Middle East and Africa and has a strong track record of successful investments.

The acquisition of Sun Capital reflects the Arabia Group's ongoing commitment to the Egyptian market and its confidence in the country's economic growth prospects. The project is expected to create job opportunities, boost economic activities, and provide affordable housing options to the growing population in the region.

In conclusion, the acquisition of Sun Capital by the Arabia Group is a positive development for Egypt's real estate sector, as it signals renewed investor confidence in the market. With the Arabia Group's financial resources and expertise, the project is likely to overcome its previous challenges and become a thriving integrated community in the heart of 6th October City.