Al-Burouj Egypt plans to increase its investments in the real estate market to EGP 9 bn in the next three years as part of its expansion plan, Invest-Gate reports.

“We have developed a plan in line with our strategy for the upcoming period to increase our investments from EGP 5 bn in the administrative capital to EGP 9 bn within three years,” Mohamed Al-Assi, vice-chairman of Al-Burouj Egypt, is quoted as saying in a company press release on March 28.

Al-Assi further explains that Al-Burouj currently owns four administrative and commercial hotel projects in the New Administrative Capital. “The company launches its latest project, Sixty Iconic Tower, in the financial and business district of the New Administrative Capital, with investments of EGP 1.7 bn, and a targeted sales value of EGP 3 bn. It will be implemented within three years on an area of ​​13,000 sqm and a height of 40 floors. The building is on 60% of the land, and the sales area reaches more than 55,000 sqm,” he elaborates.

On his part, Osama Wagih, managing director and CEO of Al-Burouj Egypt, says that the company plans to be among the top ten in the real estate market during the next five years.

Wagih adds that the company has developed a plan for the next three years. It includes adherence to the implementation schedules and selection of the project in terms of location, market study, and identification of target groups of customers, whether local or international companies or individuals.

Moreover, Ahmed Hussein, a member of the Board of Directors of Al-Burouj Egypt, highlights that the company depends on financing its projects on its own. “The company plans to pump EGP 500 mn into its projects during 2021 with construction work as part of its investment plan and, another EGP 5 bn will be allocated for the implementation of the company’s current and expansion projects during the coming period,” he concludes.