UAE – Mubasher: IMKAN, a real estate developer based in Abu Dhabi, announced it has acquired a substantial plot of land in New Cairo, Egypt.
The property developer has also appointed Ahmed Fathallah as the new CEO for its real estate business unit in Egypt, IMKAN Misr, according to a press release.
The acquisition of the 166-acre plot in New Cairo was finalised within five days at a value of EGP 5 billion (AED 1.1 billion), IMKAN revealed.
The agreement comes in line with a new initiative by the Egyptian government for land allocation, which was previously unveiled by the Egyptian housing minister Essam El-Gazzar, upon which land plots are allocated directly to investors as per their orders.
Moreover, IMKAN Misr is set to hand over AlBurouj, a 5 million-square-metre mixed-use residential development, next month, which will feature a park, international schools, a retail center, an office park “smart village”, sports club and cultural hub.
Walid El-Hindi, CEO of IMKAN, said: “Our latest plot acquisition in New Cairo is a clear indication of our company’s progression and outlook on the future. We believe the new residential community we are developing has the potential to enhance Egypt’s housing market while further solidifying our international footprint.”
“This is an exciting and opportune time to expand into Egypt, with the government actively facilitating and reforming its legislature to improve the industry. These positive changes are resulting in an ever increasingly robust real estate market. Procuring this plot is an indication of the ambitions of our international portfolio and the positive direction Egypt’s real estate industry is moving towards. We are truly well on the road to successfully completing our fruitful ‘Year of Delivery’,” he highlighted.
Ahmed Fathallah, CEO of Imkan Misr, previously stated that the company purchased a 166-acre land plot in New Cairo from the New Urban Communities Authority (NUCA) at a value of EGP 5 billion.
Fathallah also said that the company plans to invest around EGP 25 billion in the residential project over the next five years.