Asl Holding, a Saudi investment fund, announced the acquisition of Saudi-based Alkayan Technical Alarabia and Zurich Developments, marking a strategic move to strengthen its presence in Egyptian market.
The acquisition reflects Asl Holding’s strategy to capitalize on the promising opportunities in Egypt’s real estate sector, while pursuing ambitious plans to expand its operations and increase investments in the coming period.
Further, the acquisition marks the beginning of a new phase for Zurich Developments, supported by Asl Holding’s Saudi-Egyptian investment expertise and capabilities, alongside the execution capabilities of Saudi-based Alkayan Technical Alarabia.
This integration is expected to support Zurich Developments’ plans to expand its existing portfolio and develop new projects in strategic locations across the Egyptian market.
Haitham El-Sherbiny, Chairman of Asl Holding, a Saudi investment fund, and Chairman of Zurich Developments, said that Asl Holding’s entry as a Saudi investor and its acquisition of the company mark a strategic step in Zurich Developments’ growth journey.
He added that the company will leverage its enhanced investment capabilities to accelerate its expansion plans and strengthen its capacity to deliver value-added projects in the Egyptian market.
El-Sherbiny noted that the acquisition underscores growing Saudi investor confidence in Egypt as one of the region’s key markets, supported by strong demand, diverse investment opportunities, major national projects, and robust infrastructure that underpin long-term urban and real estate growth.
He explained that Zurich Developments is entering a new phase of growth from a strong position, backed by a strategic land bank and a diversified project portfolio, with more than 80% of the land value already paid.
This provides the company with a stronger financial position and greater flexibility to execute its future plans, while maintaining a strong focus on project delivery as a key driver of customer and investor confidence.
He added that the company’s next phase will extend beyond managing its existing portfolio, with a focus on building a larger and more diversified investment platform.
Zurich Developments is also evaluating new expansion opportunities that align with its investment strategy and enable it to unlock greater value from its land bank and development projects.
Ahmed Attia, CEO of Asl Holding, a Saudi investment fund, and CEO of Zurich Developments, said that the acquisition opens new opportunities for growth.
He added that Asl Holding will leverage its investment capabilities and expertise to support Zurich Developments’ expansion, including the completion of existing projects and the exploration of new investment opportunities in high-potential areas across the Egyptian market.
He pointed out that the inclusion of Saudi-based Alkayan in the new investment structure creates stronger integration across financing, development, and construction, enabling Zurich Developments to enhance execution efficiency, accelerate project delivery, and maintain high quality standards and targeted timelines.
Attia explained that Zurich Developments’ strategy for the next phase will focus on delivering its existing projects while exploring expansion opportunities in new locations and markets.
He further noted that the company is committed to building long-term relationships with customers by developing and delivering projects based on a clear vision and sustainable value creation, rather than focusing solely on sales and unit launches.
Attia said, “The acquisition reflects the growing momentum behind Saudi partnerships and investments in Egypt’s real estate market. It also provides the company with a stronger investment and execution platform, positioning it for a new phase of expansion backed by an established land and project portfolio, Saudi investment support, and ambitious plans to scale its business over the coming years.”
Saudi-based Alkayan is an integrated services group established more than 20 years ago. With a team of more than 520 professionals, the company has built a strong execution track record spanning 28 projects across retail, mixed-use developments, healthcare, education, hospitality, and residential sectors.
This expertise provides the new entity with a solid execution foundation to support its expansion plans in the Egyptian market.
Asl Holding’s current portfolio in the Egyptian market comprises seven projects following its acquisition of Zurich Developments.
These include four projects in the Delta region under Zurich Developments, as well as two projects in the Fifth Settlement of New Cairo.
In addition, the company owns WAVES in New Damietta, a mixed-use development featuring administrative, commercial, and medical activities, alongside Al Rayan, a project dedicated to medical activities.
In New Mansoura, the portfolio includes MIRAL, a mixed-use development combining residential and commercial components with serviced apartments, in addition to Al Rayan 2, a medical center.
This reflects the company’s focus on developing a diversified range of real estate products tailored to demand across Delta cities.
Asl Holding also owns two projects in Fifth Settlement, New Cairo, with the land for both having received the required ministerial approvals, paving the way for the completion of the necessary procedures and the commencement of development in line with the company’s investment plans.
The portfolio also includes a mixed-use commercial, administrative, and hotel project in Sheikh Zayed City.
