Chairman of ESG Developments, Islam El-Shihry, a member of the Real Estate Development Chamber at the Federation of Egyptian Industries, reveals that his company implemented EGP 1 bn worth of projects and plans to invest around EGP 1.5 bn in 2023, Invest-Gate reports.

El-Shihry adds that the company plans to offer three residential projects in New Cairo in early January.

The company studies offering administrative projects and malls in September 2023, he states, noting that the details of the new projects will be disclosed later after the completion of relevant licensing and administrative procedures.

El-Shihry says that the company increases its land portfolio to around 80,000 sqm in New Cairo and Shorouk cities.

The company plans to expand its land portfolio by 100%, the top executive adds.

On a similar note, El-Shihry announces that ESG is set to deliver 5 new projects in December with total investments of EGP 860 mn.

The company has not changed contracted prices due to the inflation in building materials, he notes.

The chairman remarks that the company seeks to open a new market outside New Cairo in 2023.

ESG is ready to cooperate with Spanish and Italian consultancies to diversify its property products planned to be offered in 2023.