Surprise//Real Estate Consortium Considers Acquiring “Gevira”... What’s Happening with the Inertia Project on the North Coast?

Real Estate Consortium Considers Acquiring “Jevira”… What’s Happening with the Inertia Project on the North Coast? A real estate consortium is considering acquiring the “Jevira” project, owned by Inertia Real Estate Development, amid delays in the project’s implementation and the handover of a number of units to customers that have been pending for several years. • “Jivera” is located on 640 feddans in the Ras al-Hikma area on the North Coast, after Inertia sold 640 feddans to Al-Marasem International. • The Urban Communities Authority had demanded that Inertia pay approximately 650 million pounds in installments for the project land, according to previous reports in local newspapers. • Last October, Inertia secured a joint Islamic financing package worth 5.2 billion pounds from a banking consortium comprising: Banque Misr, the National Bank of Egypt, Banque du Caire, the Housing and Development Bank, and the Suez Canal Bank, to finance part of the total investment cost of the “Gevira” project. 🔎/Will the potential acquisition mark a new step toward completing the project, accelerating its implementation, and delivering the units?