United Arab Emirates-based Al Qamzi Developments has launched a 230-villla residential project in New Cairo at an investment of 3 billion Egyptian pounds (191 million), the company’s Chairman told Zawya Projects.

“The construction work has already started, and the initial phase would be delivered by 2023,” Abdullah Al Qamzi said without disclosing the name of the project or the number of units for initial delivery.

He said the project has been designed Okoplan and Raef Fahmi Architects.

Al Qamzi said the company is planning to invest 14 billion pounds ($892 million) over the next four years in projects in New Cairo and North Coast, and for land acquisition in the New Administrative Capital. The North Coast project is spread over an area of 204 acres in Dabbah, he added.

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Abdullah Al Qamzi, Chairman, Al Qamzi Developments 

CEO Yasser Zedan added that the company is also looking to invest in West Cairo at a later stage as part of its expansion plans within Egypt.

Al Qamzi said the company, founded in the UAE in 1997, had entered Egypt in 2010 as part of its overseas expansion plans. Since then, it has delivered residential projects in Greater Cairo’s premium neighbourhoods of Dokki, Mohandseen and Misr El Gedida.

He said: “After President Abdel Fattah el-Sisi took office as president of Egypt, the government started to carry out mega, developmental projects and improve the investment climate in the country. We decided to move forward with our expansion plans and started projects to keep pace with the state’s plans.” 

The company has appointed New Avenue Real Estate to provide marketing support for its projects, the New Cairo Project included.

“We are aiming to sell all the units in 18 months following from the launch date,” the consultancy’s chairperson Ahmed El Desouky said. He said the company is partnering with Brand Bourne UK and Inversion to sell the project.

(1 US Dollar = 15.69 Egyptian Pounds)

(Writing Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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