When should it be delivered?
NAIA Bay’s first phase is to be delivered in three years following its official launch date which is scheduled on August 25, 2021. Its second phase will be delivered two years after from the delivery of its first phase. The entire project should be delivered in five years tops.
What is Jumeirah Egypt’s expected target in terms of investment and sales 2021?
Our investments in 2021 have reached a total of EGP 7bn and our expected sales this year is EGP 2bn.
Aside from residential, are there any commercial real estate projects coming up?
We are planning for a commercial expansion, we recently have added “Poli”, our commercial buildings in NAIA BAY – Ras El Hekma, featuring a lot of brands to be operating in it like Testa Rossa, Casper & Gambini’s, BBQ.PRO , Abou Auof Café, among others.
What is the size of Jumeirah Egypt land bank in Egypt?
Currently we are having NAIA BAY, our first project in Egypt with total area of 112 acres in Ras El Hekma, New North Coast with total investment of EGP 7bn. We are further planning for expansion soon in Sheikh Zayed & New North Coast.
How do you view the government’s efforts to promote its real estate industry? And what are the challenges it needs to eliminate?
What happened in Egypt over the past seven years is an unprecedented urban renaissance that has never been witnessed before. It gave a strong and great impetus to Egyptian companies working in the field and foreign investors, as well, to expand in the Egyptian market especially with Egypt establishing new urban cities and new urban projects. Therefore, companies to remain resilience in crises. Furthermore, all decisions and economic measures recently taken by the state, such as the decision to reduce interest, real estate financing initiatives, and the discussion of a number of laws related to the sector, are all supportive of real estate investment and revive the movement of the real estate market.
The challenges facing the real estate sector in general are represented in the high prices of land and building materials, and consequently the increase in the total value of units.
In your opinion, can Egypt compete in the real estate world market? Can it attract foreign homebuyers aside from the GCC?
Yes indeed, Egypt has a lot of potentiality especially for GCC region and across Europe. Due to some political instability in some Arab countries, Egypt is considered an investment destination for many with attractive and feasible payment facilities following the state’s direction to attract foreign direct investments; adding to that, the diversity in the products made available now to foreign homebuyers from different space areas to different zones and the diversity from first home to second home, and up to commercial projects too.
What does Jumeirah Egypt have in the pipeline?
We have soon-to-be announced two new projects; one in Sheikh Zayed & the other on the New North Coast.