Arkan to invest $38mln in Egypt real estate projects in 2021

The company intends to introduce 15 to 20 small residential projects in the coming year

  
Image used for illustrative purpose. An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017.

Image used for illustrative purpose. An aerial view of new housing complexes in a suburb of Cairo is pictured through the window of a plane, Egypt December 16, 2017.

REUTERS/Amr Abdallah Dalsh - RC1169D2CE00

Arkan for Construction and Real Estate is set to invest a total of EGP 600m in the development of its projects over 2021, according to the company’s Chairperson Emad Essa.

Essa also said that the company has directed a total of EGP 500m into its projects in the Egyptian real estate market over 2020, which has been distributed over residential and educational projects.

He added that the company intends to introduce 15 to 20 small residential projects in the coming year, and has completed the implementation and delivery of over 20 housing separate buildings.

Meanwhile, the company aims to deliver about 12 new projects by next April, alongside proposed expansion plans in New Cairo and Sheikh Zayed.

The development of an administrative business project in Sheikh Zayed, in partnership with investors, is scheduled to start in the second half (H2) of 2021, and is set to be completed within 18 months.

Essa said that the project is located on an area of 2,000 sqm, and consists of four floors, with investments ranging between EGP 130m to EGP 140m.

He further revealed that a new commercial project in front of Mall of Arabia is currently being negotiated, with investments expected to exceed EGP 300m.

“The company has obtained plot of land for the Arkan Future School project, and its designs are being approved,” Essa said, “The school is located on an area of ??8,000 sqm in front of Shooting Club in the 6th of October, and construction work is scheduled to begin in the second half of the coming year.”

He noted that the school, which will be able to accommodate about 1,000 students, will begin operations in 2023.

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