{"id":584606,"date":"2023-04-03T00:00:00","date_gmt":"2023-04-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/does-aldar-want-in-on-heliopolis-housings-heliopark-project\/"},"modified":"2023-04-03T00:00:00","modified_gmt":"2023-04-03T00:00:00","slug":"does-aldar-want-in-on-heliopolis-housings-heliopark-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/does-aldar-want-in-on-heliopolis-housings-heliopark-project\/","title":{"rendered":"Does Aldar want in on Heliopolis Housing\u2019s Heliopark project?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Emirati real estate giant Aldar Properties is interested in co-developing <\/span><span style=\"font-weight:700\">Heliopolis Housing and <\/span><span style=\"font-weight:700\">Development\u2019s (HHD) Heliopark project<\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3GaQepJ\" style=\"\">Al Mal<\/a><\/span><span style=\"\"> reports, citing sources it says have knowledge of the matter<\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Nothing is set in stone: <\/span><span style=\"\">HHD is yet to receive any official offers for its Heliopark project, the real estate developer said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/HHD%20Heliopark%20Aldar%20statement_71.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span style=\"font-weight:400;\"> yesterday. The company is considering how to finance the Heliopark project and won\u2019t wrap up its studies until after the Eid al-Fitr holiday, Al Mal quotes its sources as saying, adding that attracting USD investment is likely a top priority for HHD. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- HHD is on the hunt for a new co-developer\u2026 <\/span><span style=\"\">The state-owned, <\/span><span style=\"\">EGX-listed<\/span><span style=\"\"> company put the New Cairo project back out to tender after scrapping a partnership agreement with Mountain View <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e87b35d-4713-4013-9caf-d8e646042878\" style=\"\">earlier this year<\/a><\/span><span style=\"font-weight:400;\">, citing the current economic conditions and rising land valuations. Mountain View had been set to invest some EGP 1.4 bn in exchange for an undisclosed share in the revenues of Heliopark over a 23-25 year period, which Heliopolis Housing at the time estimated could total some EGP 397 bn. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\"> \u2026and Aldar is reportedly on the hunt for a new project. <\/span><span style=\"\">The company is looking at alternatives after a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44ac61fb-6353-45b3-96bd-8ea09ebdbee1\" style=\"\">potential acquisition<\/a><\/span><span style=\"\"> of Orascom for Real Estate (ORE) by its subsidiary SODIC fell through, according to Al Mal. SODIC \u2014 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae3ee729-0f45-470b-a78c-bbd118ced392\" style=\"\">majority owned by Aldar and Abu Dhabi sovereign wealth fund ADQ<\/a><\/span><span style=\"\"> since 2021<\/span><span style=\"font-weight:400;\"> \u2014 and ORE owner Orascom Development Egypt (ODE) pulled the plug on acquisition talks last week without citing a reason, putting to bed SODIC\u2019s offer to acquire 100% of ORE for almost EGP 2.5 bn. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Could Aldar be eyeing more than just Heliopark? <\/span><span style=\"\">Earlier this year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c727a04-22a0-4cb2-84ab-fab3dc99b1d1\" style=\"\">Asharq Business reported<\/a><\/span><span style=\"\">that the state-owned parent of Heliopolis Housing was in talks with unnamed Gulf investors to sell off land and other assets as well as to invest in Heliopark. A source at the parent company denied to Enterprise at the time that any land sales were in the offing, characterizing the potential arrangement as a partnership. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Aldar is reportedly shopping around after SODIC\u2019s play for ORE fell through<\/p>\n","protected":false},"author":1,"featured_media":584607,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[215,72,157,7128,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-aldar-properties","tag-enterpriseam","tag-heliopolis-housing-and-development","tag-ma-watch","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"d4ea9761-c828-4ec2-9166-2707441b4c34","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/86.jpg","photo_position":"below","homepage_title":"","full_issue_title":"UAE\u2019s Aldar could partner with Heliopolis Housing on Heliopark -report","related_issue":[584596],"teaser":"Aldar is reportedly shopping around after SODIC\u2019s play for ORE fell through","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.0dd7981e-acf5-446a-b97e-15de4ecfb492.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Does Aldar want in on Heliopolis Housing\u2019s Heliopark project? 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Heliopolis Housing and Development (HHD) has denied reports in the local media that Saudi real estate developer Alameriah is offering to buy a 70% stake in the company for USD 400 mn, Asharq Business reports. HHD said it hadn\u2019t received any\u2026","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/401.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604304,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/state-insurance-fund-wants-to-buy-heliopolis-housings-heliopark\/","url_meta":{"origin":584606,"position":2},"title":"State insurance fund wants to buy Heliopolis Housing\u2019s Heliopark","author":"enterpriseam admin","date":"29 August 2023","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/1328.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606166,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/12\/state-fund-offers-egp-15-bn-buy-heliopolis-housings-heliopark\/","url_meta":{"origin":584606,"position":3},"title":"State fund offers EGP 15 bn buy Heliopolis Housing\u2019s Heliopark","author":"enterpriseam admin","date":"12 September 2023","format":false,"excerpt":"Shareholders will consider the offer in October","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/826.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592581,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/08\/heliopolis-housing-could-this-month-finalize-gulf-partnership\/","url_meta":{"origin":584606,"position":4},"title":"Heliopolis Housing could this month finalize Gulf partnership","author":"enterpriseam admin","date":"8 August 2023","format":false,"excerpt":"We\u2019re still waiting to know the identity of HHD\u2019s co-developer","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/314.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581717,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/hhd-shareholders-vote-to-scrap-heliopark-tender\/","url_meta":{"origin":584606,"position":5},"title":"HHD shareholders vote to scrap Heliopark tender","author":"enterpriseam admin","date":"20 February 2023","format":false,"excerpt":"Parent company of Heliopolis Housing is in talks with Gulf investors who are interested in Heliopark","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/egypt-hotel-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=584606"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584606\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/584596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/584607"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=584606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=584606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=584606"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=584606"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=584606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}