Abu Dhabi, UAE: Abu Dhabi-based real estate developer IMKAN announced the acquisition of a substantial plot of land in Egypt's New Cairo district and the appointment of a new CEO for the Egyptian arm of its real estate business, IMKAN Misr.

Walid El-Hindi, CEO of IMKAN, said: "Our latest plot acquisition in New Cairo is a clear indication of our company’s progression and outlook on the future. We believe the new residential community we are developing has the potential to enhance Egypt’s housing market while further solidifying our international footprint. This is an exciting and opportune time to expand into Egypt, with the government actively facilitating and reforming its legislature to improve the industry. These positive changes are resulting in an ever increasingly robust real estate market. Procuring this plot is an indication of the ambitions of our international portfolio and the positive direction Egypt's real estate industry is moving towards. We are truly well on the road to successfully completing our fruitful 'Year of Delivery.'"

The agreement marks the first implementation of a new initiative by the Egyptian government for land allocation, which was announced by Minister of Housing Essam El-Gazzar. Under this mechanism, land plots are allocated directly to investors as per their orders. The agreement for the 166-acre plot in New Cairo, valued at EGP 5 Billion (AED 1.1 Billion), was finalized within five days - the shortest period required by Egyptian law - an indication of the government's endeavors to smooth the way for foreign investors.

IMKAN Misr is part of IMKAN’s international offering and already includes a substantial project located just twenty minutes away from Cairo Airport. AlBurouj, a residential development starting delivery next month will be a 5 million sqm complete mixed-use community housing a park, international schools, a retail center, an office park “smart village”, sports club and cultural hub.

Also announced on Sunday was the appointment of Ahmed Fathallah as IMKAN Misr's new CEO. Fathallah is the former Deputy CEO and brings with him over 23 experience across all strategic, operational and finance functions.

El-Hindi added: “Ahmed Fathallah's appointment as CEO of IMKAN Misr is warmly welcomed. Fathalla has been a pillar and a significant asset to the company since its inception. He has a thorough belief in, and understanding of research-led approach and we look forward to seeing him lead IMKAN Misr forward on the path towards shaping vibrant communities.”

IMKAN is making strident progress with 2019 being recognized as its 'Year of Delivery.' Including AlBurouj, five of IMKAN'S 26 projects, spanning three continents, are due for release during 2019: Nudra – an exclusive beachside community of luxurious villas set on Saadiyat Island; Sheikha Fatima Park - Abu Dhabi’s first dynamic open air leisure space; Thanaya - a thriving apartment development in Khalidiyah and Villa Diyafa -  an unparalleled luxury hotel experience located in the heart of Rabat.

For more information please visit IMKAN’S website or reach out to the IMKAN team on hello@imkan.ae

-Ends- 

About IMKAN

IMKAN is an Abu Dhabi-based real estate developer with a portfolio of 26 projects spanning three continents. The company aims to create soulful places that enrich people’s lives.

IMKAN’s proposition is built around a unique research platform that uncovers the distinct social behaviors and habits of specific market segments – from millennials to discerning high-net-worth individuals – to formulate tailored user profiles. This research-led approach enables the company to shape communities that are in tune with the mindset of each profile, thereby adding value for its stakeholders.

IMKAN is a wholly owned subsidiary of Abu Dhabi Capital Group (ADCG). Its key projects include two developments in Makers District – The Artery, a multi-use building that integrates a makers’ space with a parking garage, and Pixel, the company’s first mixed-use destination. Other key developments are Nudra, a luxury beachside villa community; Sheikha Fatima Park, the capital’s first urban park that seeks to enhance community interaction; and AlJurf, the fully integrated second-home destination along Sahel Al Emarat. The pristine development is nestled between Abu Dhabi and Dubai and comprises timeless villas and land plots set in a preserved and natural ecosystem. In addition, the company has big announcements in the pipeline for 2019. 

For further information, please contact:
ASDA’A BCW
Rasha Ghanem
Rasha.Ghanem@bcw-global.com
+971 4 4507 669
 
Fatina Alarda
mailto:fatina.alarda@bcw-global.com
+971 4 4767 616

© Press Release 2019

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