02 April 2019
Egyptian property developer El-Batal Group is planning to acquire land in the New Administrative Capital and New Cairo areas, the company CEO has said.
Emad Doss told Thomson Reuters Projects that the company has applied for 100 acres in the new capital and 50 acres in New Cairo but didn't elaborate on the costs or projects related to those acquisitions.
The company is planning to implement new residential and commercial projects in Upper Egypt by the end of 2019 and is finalizing a five-acre residential project in Sheraton Heliopolis, said Doss on the sidelines of a press meet at the company's Cairo office last week.
A foray into the affordable housing market is also on the cards this year, he added.
Doss said the company would invest 500 million Egyptian pounds in its ongoing projects this year. The company is currently implementing residential, commercial and hospitality projects in 6th of October City, New Cairo, Obour City and Sheraton Heliopolis.
He said the company has invested to date nine billion pounds in the Egyptian real estate sector.
"We are planning to increase our authorised capital from 600 million pounds to one billion pounds by the end of this year," he disclosed. The paid-up capital stands at 66 million pounds.
El-Batal Group for Housing and Development was established as an Egyptian joint stock company in 2002.
(Reporting by Eman Hamed; Editing by Anoop Menon)
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