Egypt’s ARTOC to Invest as Much as $50 Million in First Quarter
ARTOC Group for Investment & Development, an Egyptian real-estate and industrial company with stakes in Amazon.com Inc and Tesco PLC, plans to invest as much as $50 million before the end of March.
ARTOC, which had more than $1 billion in revenue in 2010, is seeking opportunities in real estate in the U.S. and Western Europe, Chairman Shafik Gabr said in an interview at the World Economic Forum in Davos, Switzerland today. The investment company is also in talks with a U.S.-based corporation “involved in digital media” to transform their platform into Arabic, he said, declining to provide further details.
“We have always been looking” for investment opportunities outside Egypt, Gabr said.
To contact the reporter on this story: Alaa Shahine in Davos, Switzerland at asalha@bloomberg.net
To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net
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