Al Ahly – Sabbour Developments and the UAE’s Reportage Properties have signed an agreement to develop a unique real estate project in Mostakbal City.
The project is set to be built on a total area of 465,000 sqm, and is projected to create EGP 12bn in expected sales.
The Montenapolene project, inspired by the crowned fashion capital of the world Milan, is designed to reflect the Italian aesthetics on Egyptian lands.
The project is strategically located at the Mostakbal City in New Cairo, the heart of the eastern urban expansion of Cairo, and in close proximity to Phase 1 of the New Administrative Capital (NAC). Its location makes it directly accessible by the new major roads and transportation infrastructures.
The project features a wide range of innovative residential, commercial and administrative units, with 5500 residential ones, including unique-concept fully finished townhouses. This is in addition to luxurious apartments ranging from 1 to 4 bedrooms on vast variety of spaces
The agreement was signed under Al Ahly Sabbour’s efforts to contribute to Egypt’s urban development plans and to attract more foreign investments to the Egyptian market.
Ahmed Sabbour, CEO of Al Ahly – Sabbour Developments, said, “The unprecedented urban development witnessed in Egypt over the past years, along with the State’s efforts to foster an attractive environment for foreign investments, both instil in us a sense of responsibility to contribute to these ambitious plans and strengthen Egypt’s economic status as a global leader.”
He added, “It goes without doubt; direct foreign investment is a significant aspect in the economic wellbeing of any country.”
Sabbour said that his company has always sought to be a supporter for the state in every step.
“Egypt has taken serious steps to facilitate such endeavours, which enabled us to cooperate with many major players who help us develop projects that add more value to the Egyptian real estate market,” Sabbour concluded.
For his part, Reportrage Proprities President Aref Khoury, said, “We have seen the efforts of the Egyptian government to stimulate more investors to enter the Egyptian market, which encouraged us to make use of such incredible opportunity.”
“We are happy to join a market leader such as Al Ahly Sabbour with their distinguished expertise in the real estate sector, a partnership that ensures providing our clients with the highest levels of quality and innovation, and goes in line with Egypt’s urban advancement,” he added.
Al Ahly – Sabbour Development was the first real estate developer to build projects in Mostakbal City, which are Green Square and L’Avenir.
The company is currently delivering the first phase of Green Square making it the first project to welcome its residents in Mostakbal City.
With more than 26 years of experience in the real estate sector, the company has developed 62 projects across Egypt, including residential, administrative, commercial projects, along with touristic projects, sports and social clubs. It is serving more than 380,000 families in its projects, with a land portfolio of more than 12 million sqm.