Ashraf Salman, the former minister of investment, launched on Saturday Aur Capital, a private equity firm, which will focus on hunting for investment opportunities in the Egyptian market.
The company was launched during a ceremony at a suhoor event Saturday night, which was attended by the current Minister of Investment and International Cooperation, Sahar Nasr, and the Minister of Housing, Ashraf Madbouly.
“Aur Capital will invest in several sectors, including real estate, health, education, and food. The company will be officially launched in December,” Salman told Daily News Egypt.
He explained that the company is comprised of a partnership between Egyptian and Arab investors, including the Egyptian Gulf Bank (EGBankd) and the co-founder of Citystars Development, Abdul Rahman Sharbatly.
Salman noted that Aur Capital has carried out its first transaction in the real estate sector through establishing ARCO Development, which was acquired by AUR Misr for Real Estate Investment Company in February.
AUR Misr for Real Estate Investment is working on developing ARCO’s brand equity, Salman added.
The second fund is the non-banking financial fund, which will be established in cooperation with the EGBank, and is expected to launch next month. The third fund will be launched is the Health Fund.