Urbanlanes Developments, affiliated with the Kuwaiti Emeel Abdullah Investment Group, to pump EGP 11 bn investments, through three huge real estate projects, Invest-Gate reports.
These projects vary between skyscrapers, administrative, commercial and service buildings, and other hotel facilities.
Emeel Abdullah, chairman of the board of directors of the Kuwaiti Emeel Abdullah Group, says that the company has an expansion plan in the Egyptian market, due to the high profits and a decline in production costs of the Egyptian market, compared to other markets in the region. Additionally, the Egyptian government takes many actions to make the market more attractive for foreign investments.
Abdullah adds that the company studies the expansion and the implementation of major national projects in cooperation with the Egyptian government. Also, the company studies the benefits of the investment expansion and the return of the Egyptian projects.
Moreover, Abdullah notes that the company has arms in several sectors, including real estate development, contracting, consultancy, and design offices according to the latest international technologies.
The company will implement a number of acquisition deals in 2023 and studies the chance to offer its shares on the Egyptian Exchange as a part of investment and expansion in the Egyptian market.
Abdullah explains that the company has a group of major projects such as building skyscrapers. Further, the company plans to launch a number of residential and business cities that will be fully implemented and designed by the company.
On his part, Fadi Abdullah, CEO of Urbanlanes and a board member at Emeel Abdullah Group, says that East Lane is the company’s second project in Egypt with investments of EGP 2 bn. East Lane is an administrative commercial project, which spans over 4780 meters. Furthermore, the project is located on 90th south street, in front of Concorde Plaza, and near the American University.