Atum Global Developments, an Egyptian- Saudi and Emirati company, starts its business in the Egyptian real estate market with a huge investment plan by offering a package of projects in the Egyptian market worth EGP 10bn in the first year of launching the business, Invest-Gate reports.
In a press statement, Atum Global Developments states that the new entity includes in its structure Elhassad Construction Company, a Saudi company that has been operating for 25 years in the Saudi market and owns several hotels in Mecca and Riyadh.
Furthermore, the shareholder structure includes the Emirati Perfect Way Group, a company that owns and manages many real estate assets in the UAE. Through its involvement in the new entity, Perfect Way Group seeks to form a portfolio of diversified projects in the Egyptian real estate market, with a value of USD 1 bn over the next 10 years.
Additionally, Hamaan Ventures is the Egyptian partner, an Egyptian investment group to manage real estate, commercial, and tourism projects.
It’s worth mentioning that Atum company aims to launch a series of projects in the next year with investments of EGP 10bn, starting with a 40-acre residential project in the New Administrative Capital, and it is planned to be launched next month.
Additionally, the company plans to launch several projects in partnership with major parties in Egypt and in cooperation with major contracting companies in Egypt and the Gulf region.
The company stresses on the fact that the political, security, and economic stability in Egypt today along with the inauguration of a generation of new smart and sustainable cities, and the availability of real demand in the market enhance and boost foreign investments to the Egyptian property market. Besides, The New Capital is a destination for many local and foreign investors due to the support the project enjoys from the Egyptian political leadership.