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.