Emaar Rizk Group (ERG) has announced its investment plan in the Egyptian real estate market of EGP 14 bn of investment at the New Administrative Capital (NAC), Invest-Gate reports.

Chairman of ERG Group Mohamed Rizk elaborates that ERG’s investment plan includes nine plots in the NAC. He further remarks that the ERG has launched two projects on two of these plots; meanwhile, the third project is underway. The rest of the projects will be launched gradually in line with market needs and the company’s investment plan. The first two projects announced earlier are Diamond 1 and Diamond 2. He explains that the company “has recorded remarkable sales in the two projects in record time,” he states.

“Emaar Rizk Real Estate Company began its work in the Delta region, specifically in Mansoura since 2005. Since its launch, it has developed 12 separate towers in Mansoura and Delta, in addition to two residential compounds City Life 1, with a total of 230 housing units that the company has delivered part of these units. Besides, the company is developing the City Life 2 project, which includes 40 villas under construction. The two projects were developed in cooperation with Housing and Development Bank”, Rizk comments.

The ERG includes four subsidiaries with various activities, entitled Emaar Rizk Real Estate Development (ERD), Emaar Rizk Development, Emaar Rizk Navigation, and Emaar for wood import and export. In this regard, the group has launched a new entity, where the two ERD Development companies were merged with Emaar Rizk Company under the name ERG. It will be responsible for developing their real estate projects. ERG Group’s CCO Aya Kamal indicates that the company has organized a big celebration to launch the ERG group in its new form. In addition, the company intends to launch its third project in the NAC next November with targeted sales worth EGP 2bn.

The project is a hotel-management and commercial project that overlooks the gold market directly, with a direct view of the monorail station, the mosque of Egypt, parliament, Green River and the new museum. It’s also near the headquarters of petroleum and pharmaceutical companies and Almassa Hotel, Kamal declares.

Chairman of IDEA GROUP for Marketing Consultations Ahmed Samy states that IDEA is responsible for marketing, selling and operating Diamond 1 and Diamond 2 projects. He further adds that the company has sold out more than 80% of the Diamond Tower 1 project since its launch in March; meanwhile, it has sold out more than 70% of the Diamond 2 that was launched in July.

Furthermore, he reveals that the total investments of the two projects amount to roughly EGP 2bn with a built-up area of ​​about 40,000 sqm, pointing out that IDEA will also be responsible for the third project of the ERG Group in the NAC.