Managing Director and Board Member at Tatweer Misr Ahmed Shalaby has revealed that his company targets achieving EGP 6 bn worth of sales during 2019, Invest-Gate reports.

Shalaby revealed in a statement to Invest-Gate on January 10 that Tatweer Misr has achieved sales of EGP 6.7 bn in 2018 from its three flagship projects: Il Monte Galala in Ain Sokhna, Fouka Bay in North Coast, and Bloomfields in Mostakbal City.

Throughout 2018, Tatweer Misr has pumped investments worth a total of EGP 3 bn, of which EGP 2 bn were allocated to IL Monte Galala and the remaining EGP 1 bn to Fouka Bay, he elaborated.

As for 2019, the managing director disclosed that the value of investments is anticipated to reach nearly EGP 3 bn for construction works in both IL Monte Galala and Fouka Bay projects.

Meanwhile, Shalaby said that 2022 will witness the delivery of phase I of the residential area of Bloomfields, while its entrepreneurship hub will be ready by 2021.

“Tatweer Misr has been able to grow above market growth reaching an increase in sales of 50% compared with 2017’s local sales,” Shalaby pointed out.

“Regarding Bloomfields’ overall investment value, the expected total investment will be EGP 28 bn for the residential part, which covers 325 acres, while investments pumped in the project’s educational district, which spans across 90 acres, is expected to reach EGP 5 bn. Yet, these figures are subject to vary in line with the industry and macroeconomic changes,” he added.