AlQamzi Developments unveils its strategic expansion plan in the Egyptian market by injecting EGP 14 bn of investments in the next four years, Invest-Gate reports.
On his part, Yasser Zidan, Egyptian partner and executive chairman of AlQamzi Developments, states, “ The company eyes more investments and expansions in East Cairo in the next four years and plans to turn to West Cairo later on, as it has a comprehensive expansion plan to carry out nationwide.”
“The company kicked-off constructions of New Cairo’s project, consisting of a residential compound “villas” encompassing integrated services, as the project is executed using world-class constructions and latest designs,” he says.
Additionally, the company taps leading Egyptian consultancies for laying down the project’s designs, namely Okoplan and Raef Fahmi Architects. He further elaborates that the company’s second project spreads over 204 acres on the North Coast.
Owing to its staunch belief in specialization and the experts’ outstanding role in adding valuable products to the real estate market, AlQamzi Developments adopted new thinking with a particular emphasis on forging alliances with top specialists in the advisory sector, real estate marketing and designing.
Zidan discloses, in a press conference, that the strategic cooperation binding the company with New Avenue Real Estate for consulting and marketing the company’s projects, mainly the New Cairo project.
In a related context, AlQamzi Developments, according to Abdullah AlQamzi, the Emirati partner and chairman, has already started the implementation of its expansion strategy in the Egyptian market, as it is set to launch two projects in New Cairo and North Coast and seeks to obtain a plot of land in the New Administrative Capital in the span of four years.
Furthermore, Zidan says, “The Company began to expand even during Egypt’s turbulent times in terms of security and political stability because the company is convinced that the Egyptian market is resilient enough to boom and recover again. Since then, the company decided to go ahead with its expansion plan and kicked off colossal projects to keep pace with the Egyptian state’ plans and orientations.”
For his part, New Avenue Real Estate General Manager Ahmed El Desouky remarks that the collaboration with AlQamzi Developments will add new value to the Egyptian real estate market. “Upon finalizing its designs, New Avenue Real Estate started off New Cairo project consisting of 230 villas with varied sizes and will begin marketing the project soon, as the company seeks to sell its entire units one year and a half following the launch,” Desouky says.
He further points out that the New Avenue Real Estate on boards Brandbourne UK and Inversion to join the alliance. Besides, New Avenue Real Estate has been working in the Egyptian market since 2015 and posted more than EGP 12 bn sales up till now.
It is noteworthy that AlQamzi Developments is a United Arab Emirates-based entity that was founded back in 1997 and specialized in contracting and executed a plethora of mega projects across the UAE. The company then decided to expand abroad in 2010 and picked the Egyptian market because it believes that this market has stamina and lots of promising opportunities. Accordingly, the company started to carry out several groundbreaking residential and services projects in Greater Cairo’s posh neighborhoods of Dokki, Mohandseen, and Misr El Gedida.