IMKAN Properties, a subsidiary of the UAE’s Abu Dhabi Capital Group (ADCG), announced it has been allocated a 166-feddan land plot in New Cairo by the ministry of housing, utilities and urban communities, at a total value of EGP 5bn.
The announcement came during a press conference held by IMKAN Properties on Sunday evening, in the presence of a number of the company’s top executives, where it unveiled more details about the agreement signed with the ministry of housing.
The agreement marks the first instance of implementing the new mechanism set by the Egyptian government for land allocation, which was announced by Minister of Housing Assem El Gazzar and under which land plots are allocated directly to investors as per their orders.
The agreement is also the shortest in terms of time it took to be finalised, as it only took five days, which showcase the Egyptian government’s keenness on boosting foreign investments in the country’s real estate market that has recently witnessed increased activity.
During the press conference, IMKAN Properties announced Ahmed Fathallah as the president of IMKAN Misr and Capital Group Properties.
Ahmed Fathallah, president of IMKAN Misr and Capital Group Properties said, “Egypt is one of the markets in which ADCG is seeking to have more footprint by means of investment in the country’s real estate sector.”
Fathallah added that ADCG prefers the Egyptian market and is planning to inject more investments into it under new expansion plans. This reflects Egypt’s robust and attractive real estate market and also highlights the facilitations and support the government has been providing investors with, coupled with the legislative reforms that target improving the investment climate, such as the New Investment Law and the Consumer Protection Law.
“The selection of the new land area in New Cairo and the transfer of the advance payment, which amounts to EGP 400m, took only five days. This marks the efficient approach adopted by the ministry of housing in rapid acting and decision-making, as well as its efforts in removing obstacles that hinder investors. We will immediately begin to lay down the detailed plan for the land development in order to launch a project that shall constitute a leap in Egypt’s housing landscape,” he added.
IMKAN’s parent group, ADCG, has operations in seven countries worldwide. Since 2016, the group has been also implementing its Alburouj development in east Cairo, through its subsidiary Capital Group Properties, with remarkable total sales of EGP 6.1bn to this date, in addition to EGP 6bn worth of investments over two years, 1,500 housing units and 100,00 sqm of administrative offices under construction. Handover of the project’s units is scheduled to begin over the coming period.