Concrete Plus announces plans to expand in the real estate sector after completing two projects in North Coast and New Cairo and increase its capital to EGP 200 mn before mid-2023, Invest-Gate reports.

Tarek Youssef, CEO of Concrete Plus, reveals that the company acquired 25% of SQM company to launch an integrated project on 325 feddans including 1,300 units in Marsa Baghush in Sidi Henish, North Coast.

Youssef says that the project will generate total sales of EGP 20 billion over 6 years, adding that Concrete Plus will exclusively undertake contracting works at the project with an expected cost of EGP 8 billion.

Moreover, the top executive notes that Marsa Baghush’s project will be financed by the company’s shareholders, in addition to facilities approaching EGP 60 billion.

Youssef comments that the company will study all financing solutions including banking, financial lease, and securitization in the coming period.

The company aims to work in three main sectors, real estate, contracting, and industry, Youssef maintains, adding that IPO might be considered in 5 years.