Reportage launches its first project outside UAE

Expected sales from Egyptian project may reach Dh2,83 billion and units hand over will start by the end of fourth quarter of 2025

  
A general view of buildings by the Nile River in Cairo, Egypt January 30, 2021.

A general view of buildings by the Nile River in Cairo, Egypt January 30, 2021.

REUTERS/Mohamed Abd El Ghany

Reportage Properties on Wednesday disclosed its first development project outside the UAE with the launch of the Monte Napoleone in Mostakbal City in New Cairo, Egypt.

The project will be developed in cooperation with Al Ahly Sabbour, the leading real estate developer in Egypt.

Islam Ahmed Suleiman, CEO at Abu Dhabi-based Reportage Properties, said that the launch of the first project outside the UAE reflects the company's strong financial position, the stability of its business model, and its ability to expand and develop many new projects in various regions.

He also confirmed the company’s ambitious future plans of growth and expansion in new regions through the next few years.

The CEO focused on Reportage Properties abilities to benefit from the vast expertise they achieved over the past years through developing many high quality projects in the UAE, in expanding to new markets in the region.

Sulieman noted that forays into the Egyptian market came after an in-depth study of the Egyptian real estate sector, which showed remarkable growth in recent years.

Montenapoleone development, which include 5,500 housing units, will be built on an area of 465,000 square metres. The project also provides an innovative fully-finished townhouses, in addition to apartments with distinct areas, starting from one to four bedrooms.

Expected project sales may reach Dh2,83 billion and units hand over will start by the end of fourth quarter of 2025.

Reportage Properties said that ownership of apartments and duplex flats in the project is available with prices starting from Dh183,000, with up to 40 special discounts on cash payments. “Offers include fully-finished apartments and townhouses in the project. Payment plans extends to 80 months with installments of Dh1,900 per month,” according to a company statement.

Reportage Properties is developing 11 projects under construction, providing about 5,000 housing units within the most important investment sites in Abu Dhabi and Dubai.

Since January 2021, the company’s sales figures exceeded Dh500 million, reflecting a growth of more than 200 per cent compared to the first four months of 2020, when sales topped Dhs165 million.

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