The Egyptian developer Memaar Al-Ashraaf signed a contract with Etqan Business Development, a firm that specializes in marketing and financial consulting, to launch multifunctional commercial property projects in New Cairo in the last quarter of 2022.
This step is a part of the company’s strategy of expanding in the Egyptian market and supporting the Government’s urban development plans in the capital’s suburbs.
Ahmed Amin Massoud, CEO at Memaar Al-Ashraaf, noted that the decision to cooperate with Etqan was not the work of a moment but a result of a thorough analysis of this company’s operations, which strongly supported the developer in the past, enabling more successful investment and expansion.
Mr. Massoud added that the new project that included only commercial properties would be built on the area of 3,500 sq m in the upscale Lotus district of New Cairo. The investment value will reach about EGP 300 million (USD 15.5 million) and the sales revenue, EGP 500 million (USD 25.7 million).
Over the past 17 years, Memaar Al-Ashraaf has implemented numerous residential property projects, several clothes factories, and four service centers in New Cairo. It also owns 80% of administrative and commercial development in New Obour City.
On his side, Bassem Al-Sherbiny, CEO at Etqan Business Development, explained that his company has conducted financial studies and developed a marketing strategy and a detailed plan of tender procedures for the project.