|17 September, 2019

Egypt's Tatweer Misr invests $612mln in non-residential projects

These projects include hotels, serviced apartments, and educational and commercial units

Image used for illustrative purpose. Most of the people did not realize Nile River flow from south to north. Cairo is the last big city that The Nile flows through before it enters Mediterranean sea.

Image used for illustrative purpose. Most of the people did not realize Nile River flow from south to north. Cairo is the last big city that The Nile flows through before it enters Mediterranean sea.

Getty Images/Alan Tsai

Tatweer Misr’s total investments in non-residential projects amounted to EGP 10bn over the coming 10 years, according to CEO and Managing Director Ahmed Shalaby.

Shalaby elaborated that these projects include hotels, serviced apartments, and educational and commercial units.

He added that the most prominent features of the company’s strategy during the next five years include operating non-residential parts of its projects, expansion of new investment opportunities in the local market, and expanding in investment opportunities in Arab, African, and European countries.

Shalaby confirmed his company’s quest to be a regional and international real estate player representing Egypt in many foreign markets as there are foreign real estate companies in the Egyptian market, where his company is implementing smart projects to keep pace with technological developments.

Furthermore, he explained that his company is developing nine smart applications in cooperation with Orange within the Fouka Bay North Coast project to provide free internet services throughout the project.

Shalaby pointed out that the company plans to acquire a new land in the Sheikh Zayed Extension, and is negotiating for another land plot in the North Coast area, as part of its plan to diversify its investment portfolio during the coming period.

In early August, Tatweer Misr announced its plan to deliver about 1,900 units in IL Monte Galala in Ain Sokhna and Fouka Bay in the North Coast next year.

Furthermore, Shalaby said that the company has delivered the second phase of Fouka Bay which comprises of 700 units. This is in addition to the fact that the company is developing 1,200 units in IL Monte Galala, according to contracting schedules with clients.

Fouka Bay includes a power station with 18 milliamps (mA), a seawater desalination plant with a capacity of 7,000 cubic metres per day, and a wastewater treatment plant to be used in irrigating the project’s plants with capacity of 2,800 cubic metres per day.

Shalaby revealed that the total sales achieved by the company during its operation period in the market for five years, amounted to EGP 15.5bn, noting that these are the proceeds of the company’s three projects: Bloomfields, IL Monte Galala, and Fouka Bay.

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