Dr. Abdel Hamid El-Wazir, Chairman of Arabisk Development, announced that the company plans to launch three commercial malls in New Cairo’s Fifth Settlement this year, with targeted sales estimated at EGP 9 bn, Invest-Gate reports.

He added that all the commercial malls will be located on main roads, each with an average area of 4,500 sqm. He also explained that the architectural designs have been completed in collaboration with leading companies.

El-Wazir stated that the company is exploring various investment opportunities in the real estate sector to diversify its project portfolio, highlighting the numerous prospects available in new cities. He noted that this year has seen an expansion plan for most real estate companies.

He pointed out that the North Coast region accounted for the largest share of real estate investments last year, with companies achieving sales exceeding 70% of the market. He further explained that the company is currently studying the North Coast area to establish real estate projects there.

He emphasized that returns on investment in the real estate sector are high, attributing this to annual price increases of no less than 20%.