During a celebration held at R8 in NAC, the alliance, between Qontrac and CMD Developments, puts the first stone in YARU Compound, Invest- Gate reports.

El Wardany comments that CMD Developments has signed one of the largest strategic alliances in the real estate market with Qontrac at target investments exceeding EGP 4 bn, aiming to carry out EGP 2 bn-YARU Compound. The project is targeted to achieve sales of up to EGP 3 bn.

YARU Compound, the alliance’s first work, is a residential, commercial, administrative, and hospitality project that spans over 37 acres, featuring 1,577 units; including 1,464 residential units, 48 hotel rooms, and 34 commercial units, El Wardany adds.

Furthermore, El Wardany elaborates that the company aims to implement major merger and acquisition deals in the real estate market, pointing out that the company has a significant land portfolio in the NAC in distinct locations.

The celebration has witnessed the attendance of companies officials, including Ashraf Sobhy, chairman of Dream Company for Electricity Police Housing, Khaled Fathy, vice-chairman of Dream Company, Dakir Abdallah, chairman of Qontrac, Mohamed Madkour chairman of CMD Developments, Ahmed El Wardany, co-founder, vice-chairman and managing director of CMD, and Wael Zain, CEO of CMD Developments.

It’s noteworthy that Qontrac has ten subsidiaries working in real estate development, contracting, infrastructure and real estate marketing, while CMD owns six companies of different fields.