23 January, 2020

Egyptian developer Tameer plans new projects in Cairo

Company is targeting $221mln of sales revenue in 2020

Image used for illustrative purpose. Cairo Skyline along Nile River. The bridge, the Nile river & the Corniche Street in central Cairo.

Image used for illustrative purpose. Cairo Skyline along Nile River. The bridge, the Nile river & the Corniche Street in central Cairo.

Getty Images

23 January 2020

Egyptian developer Tameer is planning to develop new residential and commercial projects in Cairo, the company's managing director said.

Antoine El Khoury told Zawya Projects that the projects are being planned but didn't disclose additional details.

The company, which is listed on the Egyptian Stock Exchange, is targeting 3.5 billion Egyptian pounds ($221 million) in sales from two ongoing projects - Azad in New Cairo and Diaar in the 6th of October City - by 2020, El Khoury said on the side lines Invest-Gate roundtable last week.

The 350-unit Azad project is spread over an area of 20 feddans while the 830-unit Diar development spans 75 feddans and is being developed in two phases.

Tameer is expecting sales revenue of 2 billion pounds ($126.6 million) and 1.5 billion pounds ($95 million) from Azad and Diar projects respectively, El Khoury confirmed, adding that the 420-unit first phase of Diar was delivered in 2019.

The company's portfolio comprises The Oberoi Hotel in Aswan, the Old Meridian hotel in Cairo, and New Maadi neighbourhood.

(1 US States Dollar = 15.77 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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