Continuing its expansion in the Egyptian market and reaffirming the market’s strong attractiveness and promising opportunities, AlQamzi Developments has acquired 95 feddans in Mostakbal City, New Cairo, which is developed by MIDAR. The agreement was signed in the presence of Eng. Ayman El-Kousy, Managing Director and Chief Executive Officer of MIDAR, and Eng. Yasser Zidan, Chairman of AlQamzi Developments, Invest-Gate reports.

Under the agreement, AlQamzi Developments will develop the land through a fully integrated residential project with total investments estimated at EGP 50bn. The new development represents a continuation of the company’s carefully planned and distinctive expansion strategy within the Egyptian real estate market.

Commenting on the acquisition, Eng. Yasser Zidan, Chairman of AlQamzi Developments, expressed his satisfaction with the company’s expansion into Mostakbal City, describing it as one of East Cairo’s most prominent smart and integrated cities. He noted that this step opens broad horizons for implementing a project that reflects AlQamzi’s vision of capturing promising investment opportunities within the Egyptian market.

He added that the new project embodies AlQamzi’s commitment to developing innovative and sustainable urban communities capable of delivering real value to the market. The development is set to serve as a modern model for integrated projects that meet clients’ aspirations for a more distinguished and higher-quality living experience.

Eng. Zidan further explained that the project will be a fully integrated residential development offering a diverse real estate product mix supported by high-quality planning. The project will include a variety of units, ranging from villas and apartment buildings to townhouses, catering to the needs of different customer segments. Implementation of the project is scheduled to take place over a five-year period.