Arabisk Real Estate Development Company acquires a land of 30,000 sqm in the 6th of October City to construct a 30-building compound, Invest-Gate reports.
Abdel Hamid Al-Wazir, head of Arabisk Real Estate Development and chairman of the Support and Follow-up Committee of the New Cairo Developers Association, states, “During the coming period, the company depends on the diversity of its land portfolio to establish integrated projects and compounds.”
Moreover, the company plans to launch the project by the beginning of 2023, after completion of the feasibility study, architectural plans, and initial investments.
Al-Wazir adds that the company will announce other lands acquired in some new cities in order to build projects and expand the real estate market. He stresses that the real estate sector is one of the sectors that are the basis of the Egyptian economy, as the sector contributes to at least 20% of the GDP.
Al-Wazir concludes that the real estate sector achieved high sales in H1 2022, despite the growth by at least 25% of the total unit value owing to the global inflation crisis and the economic challenges facing the real estate market.