Egypt has dozens of its own real estate developers, some of whom have been working in the market for a number of decades. However, foreign real estate developers operating in Egypt, who could be estimated at a dozen or so, have built solid grounds in the country in just a few years and have enriched the market with some healthy competition. These developers are mainly from the GCC, particularly the UAE and Saudi Arabia, including Emaar Misr, Marakez, Al-Futtaim Group Real Estate’s Cairo Festival City, and Capital Group Properties. Invest-Gate provides some figures on the investments of these foreign real estate developers in Egypt.
Marakez, a Fawaz Al Hokair Group company, has started by building shopping malls across Egypt, but has since ventured into a residential community in west of Cairo, Aeon. Marakez is also one of the companies that went beyond Greater Cairo, building a shopping mall in Gharbia Governorate Tanta City.
Emaar Misr, owned by prominent Emirati businessman Mohamed Alabbar, has a number of residential projects such as Uptown Cairo, Marassi, and Mivida.
Capital Group Properties
Owned by Al Ain Properties and Abu Dhabi Capital Group, CGP’s main project in Egypt, Alburouj residential community, is located in Al-Shorouk City.
New Cities, New Opportunities
Egypt’s introduction of new cities north, east, west, and south, in efforts to eradicate deserts and accommodate its growing population, has provided new grounds for investments. In recent months, Minister of Investment and International Cooperation Sahar Nasr, along with Housing Minister Mostafa Madbouly accompanied Chairman of Emaar Misr Mohammed El Dahan through a tour of New El-Alamein City for a possible project.
Moreover, China State Construction Engineering Corporation (CSCEC) has signed a deal with Egypt, valued at over USD 11 bn, to develop the central business district of the New Administrative Capital, east Cairo. The deal includes building a number of residential as well as business complexes.