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Ammar develops EGP 1bn-investment project in Hurghada next year - Daily News Egypt

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Ammar develops EGP 1bn-investment project in Hurghada next year

Total investments of the company during the past years reached EGP 5bn, says chairperson

Ammar real estate development plans to develop a project in Hurghada on an area of 11,000 feddan with investments of EGP 1bn next year.

According to the company’s Chairperson Abeer Essam said that the company further intends to launch Bianco compound in the Sixth of October City in partnership with Police Officers Association.

She explained that the company is close to completing the implementation of eight projects owned by the company in addition to the presence of other expansions made by Ammar during the last quarter of 2019, noting that the company was able to meet the challenges witnessed by the market during the past year.

She further added that the New Year will be ideal for expansions that the company plans, enhancing urban development in Egypt, in line with the state’s direction.

The total investments of the company during the previous three years amounted to EGP 5bn, while the company achieved EGP 1bn in sales in 2019 and has allocated EGP 2bn for construction works, Essam said.

She noted that the company is currently developing a new project in New Aswan city with investments reaching EGP 500m on an area of 25 feddan.

“The company aims during the new year to expand offering of new housing, hotel, and touristic projects, as feasibility studies are currently being completed for the project, to be offered for sale in March 2020,” she pointed out.

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