Abu Dhabi's Imkan acquires 67ha plot in Egypt's New Cairo District
Land acquired to build residential community as Ahmed Fathallah is named CEO of Egyptian real estate arm, Imkan Misr
Real estate developer Imkan – the company working on Nudra, Sheikha Fatima Park,and Thanaya in Abu Dhabi – and has acquired a 67ha plot for a residential district in Egypt’s New Cairo District through an agreement valued at $302m (AED1.1bn), with Ahmed Fathallah named chief executive officer of Imkan Misr, the Egyptian arm of its real estate business, which CEO Walid El-Hindi stating the developments underscore “the positive direction Egypt’s real estate industry is moving towards”.
The agreement was signed under the Egyptian government’s new initiative for land allocation, announced by Minister of Housing, Essam El-Gazzar, which allows for land plots to be allocated directly to investors.
Imkan’s agreement was finalised in five days, which the company said in a statement is the shortest period required by Egyptian law.
Imkan Misr is working on Alburouj, a residential development on which delivery will start in August 2019.
The 500ha Alburouj includes a schools, a retail centre, a ‘smart village’ office park, and a sports hub.
Commenting on the agreement, El-Hindi 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.
“We are truly well on the road to successfully completing our fruitful ‘Year of Delivery’.”
El-Hindi said Fathallah had been “a significant asset” to the company since its inception, previously working as deputy CEO at the firm.
“[Fathallah] has a thorough belief in, and understanding of research-led approach and we look forward to seeing him lead Imkan Misr forward on the path towards shaping vibrant communities,” El-Hindi added.