This case deals with the challenges of corporate decision-making under conditions of uncertainty in the real estate sector in Egypt. The board of a real estate company must make decisions on new project expansion and financing. While the board considers private equity as a credible external source of new project finance, its walkabouts pose operational and financing challenges which the chief executive officer must understand and resolve. The case begins by describing the complexities of the discussion in the board regarding the new project’s financing strategy. Subsequently, the case considers the discussion of company’s chief executive officer with an external corporate advisor on the effective use of private equity financing. Finally, the case provides a detailed analysis of the negotiation process between the chief executive with the private equity firm regarding the financing and waterfall rules for the distribution of the project’s net cash flows between the private equity firm and the real estate development company. The case aims to provide students with an understanding of the processes and complexities in corporate decision-making under conditions of uncertainty. The case describes these processes by referring to a renowned real estate development company in Egypt. The case begins with a short reference to the real estate development history in the country, it then introduces the company and describes the discussion in the board meeting regarding the challenges it faces in making the choice of private equity financing for a new project. The case also raises and discusses the important issue of seeking external advisory services. And finally it considers in detail the structure of private equity financing and the associated negotiation between a private equity firm and the real estate development company regarding the waterfall rules of potential cash flows.