NOSI wants Heliopark: The state-owned National Organization for Social Ins. (NOSI) has submitted an offer to buy 100% of the land allocated to the Heliopark project from Heliopolis Housing and Development (HHD), a government source told Enterprise yesterday on condition of anonymity. The state-owned real estate developer yesterday confirmed in a bourse filing (pdf) that it is in talks with the fund regarding the sale of the project.

Refresher: HHD last month said that its board agreed to study an offer submitted for the Heliopark project, without naming the party behind the offer or providing further details. The state-owned company put the New Cairo project back out to tender after scrapping a partnership agreement with Mountain View earlier this year, citing the current economic conditions and rising land valuations.

What we don’t know:

#1- Details of a potential agreement remain sketchy: The source declined to answer questions about the terms of the offer, saying only that a final agreement would be reached in 4Q 2023.

#2- What happened to that Gulf investor? According to our understanding, HHD was in talkswith an undisclosed Gulf investor about partnering on Heliopark. It is unclear what a sale to NOSI would mean for Gulf involvement in the project or whether talks are still ongoing. Rumors in the local press earlier this year suggested that Emirati real estate giant Aldar Properties was interested in partnering with HHD on the project.

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