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In light of the current challenges faced by the Egyptian real estate sector
Abdullah Salam – CEO of Minka Development – one of the latest Sallam family owned ventures – announced that the company is currently working on putting the final touches of its latest and largest project in East Cairo. The project, planned to be launched during the coming two months, will set a new benchmark for property innovation and livability in the Egyptian real estate market. Moreover, the company plans to expand in West Cairo and coastal areas during upcoming years.
Sallam expressed his pride with the success achieved by the company in creating its own identity. “Minka Development has an extremely simple, yet mindful and challenging agenda, with a clear mission and vision to: Make Egyptians happier and Egypt a better place, by developing meaningful and innovative properties for the privileged and help provide safe and sustainable dwellings for the under privileged.”, mentioned Sallam.
Minka Development’s current projects under development will witness investments exceeding EGP 6 billion in the next four years. During its four short years of operation since 2016, Minka developed a number of successful projects, each of which has its own unique characteristics. They stand out because they cater to untapped customer aspirations, are designed with extreme detail and are delivered ready to live-in or generate income”, added Sallam
"Despite the recent challenges facing the whole world, the Egyptian real estate sector has proven to be remarkably resilient in comparison to other sectors,” said Sallam highlighting that in a time of crisis collaboration is prioritized over competition. “The real estate sector has great opportunities for growth, which we consider a major motive to keep innovating”, commented Sallam
Furthermore, Sallam explained that since the outbreak of the COVID-19 pandemic, Minka Development has applied all safety measures across its headquarters and construction sites, in line with the government’s decision to cautiously sustain the momentum of the economy”. The company has also been keen to pay the salaries ahead of time, and disburse an extra payout to help employees manage any personal surprises too”.
It is worth mentioning that Minka Development is fully owned by the Sallam Family and was established in 2016. The Sallam family have been doing business in Egypt since 1939 more than 80 years ago. They founded and introduced many different brands and businesses to the Egyptian market, including consumer electronics and appliances retailer BTECH, iconic brands such as IDEAL and Olympic Electric, and edutainment giant KidZania, Minlo the manufacturer of TANK and Koldair products, Wasla Outsourcing Services Company, OCL for Warehousing and Logistics, Al Ofok Agricultural, and InPack Industries for Packaging Products, among others, that have all positively impacted the Egyptian economy. The Sallam family are also the founders of the Egyptian Group of Charity Banks—The Egyptian Food Bank, The Cure Bank and The Clothing Bank, which contribute everyday in making people’s lives better.
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© Press Release 2020
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