Japan’s Titan Capital is planning major real estate, tourism and services developments in Egypt, with initial investments of up to $10 billion, according to a source familiar with foreign investment files at the New Urban Communities Authority.
In June, Housing Minister Sherif El-Sherbini met Kanazawa Yukio, Titan Capital’s chief executive, to discuss potential cooperation in property development, the localization of advanced technologies and investment opportunities available to Japanese companies in Egypt.
The source — who requested anonymity because he is not authorized to speak to the media without approval from the Housing Ministry’s communications department — said the company has decided to pursue projects in the New Administrative Capital, west Cairo and Giza after reviewing a broader pipeline over the past five months.
Titan Capital is currently conducting technical and financial studies in preparation for launching its first project within the next six months, he added. The company expects its planned tourism development in Giza to serve as its initial flagship investment in the local market.
Sherif El-Sherbini has previously said he is keen to work with Titan Capital, citing a wide range of available opportunities, from fully integrated urban developments to service, tourism, and hospitality projects. He also highlighted prospects for cooperation in localizing the manufacture of equipment for infrastructure, utilities and seawater-desalination schemes.
The planned investment comes amid a wave of large-scale foreign deals. Last month, Prime Minister Mostafa Madbouly oversaw the signing of a major agreement with Qatar’s Al Diar to develop a tourism and urban project on the North Coast valued at $29.7 billion — the second-largest foreign investment deal in Egypt after the $35 billion Ras El-Hekma development led by the UAE’s Modon.
Another prominent recent transaction is the Red Sea development planned by Emaar Misr and CityStars, with investments of 900 billion Egyptian pounds, equivalent to roughly $19 billion at the current exchange rate.
