PROJECTS: Egypt's Dar Al Alamia Holding annnounces $191mln real estate investment plan

Egypt's Dar Al Alamia Holding has launched a new company Dar Al Alamia Developments to invest and develop real estate projects in the county, the company's CEO said.

 

Ahmed Saleh told Zawya Projects that new company will invest 3 billion Egyptian pounds ($191 million) in projects over the next three years, starting with a residential project in New Cairo, which will be launched in October.

 

The 6-acre, 150-unit residential would be developed at an investment of about 800 million pounds ($51 million), he said.

 

Saleh said the second project, a 15-acre residential project, would be launched in the second quarter of 2022.

 

While he didn't pinpoint the locations of the second, and third projects, Saleh said the company will be looking at east Cairo and the New Administrative Capital.

 

Meanwhile, Dar Al Alamia Holding's furniture unit, Dar Al Alamia Elite Furniture, is planning to add new production lines in their 20,000 square metre factory in Cairo, while the construction subsidiary is targeting revenues of 1.5 billion pounds ($96 million) for 2021, and 2 billion pounds ($127 million) earning in 2022.

 

(1 US Dollar = 15.70 Egyptian Pounds)

 

(Reporting by Eman Hamed; Editing by Anoop Menon)