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UAE real estate firms shift focus to Egypt - Daily News Egypt

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UAE real estate firms shift focus to Egypt

Abu Dhabi-based Capital Group Properties (CGP) has implemented several large-scale projects in many countries worldwide, including the UAE, the United Kingdom, the Seychelles, Montenegro, and Sri Lanka


The international reduction of oil prices will impact the residential market in the UAE, according to Jones Lang LaSalle (JLL) MENA, but despite this more than 50 real estate companies based in Abu Dhabi are taking part in the Cityscape Egypt Exhibition to confirm their commitment to the market and search for investment opportunities.

Capital Group Properties

Abu Dhabi-based Capital Group Properties (CGP) has implemented several large-scale projects in many countries worldwide, including the UAE, the United Kingdom, the Seychelles, Montenegro, and Sri Lanka. The principal shareholders in the company are Al-Ain Properties and Abu Dhabi Capital Group.

Projects in Egypt

In March, CGP launched its first project in the Egyptian market with a total investment of EGP 40bn, named Alburouj.

CGP seeks to establish an integrated urban community in the area between the Suez and Ismailia Desert roads, to provide modern residential units at competitive prices.

The project, which is on a total area of 1212 acres, aims to provide housing to all segments of society. The company has purported that the project will provide 50,000 direct and indirect job opportunities.

The company paid $100m to the New Urban Communities Authority (NUCA) to change its licence from touristic to urban habitable, which is the first instalment of the full amount required to deliver utilities and fees to launch the project.

CGP CEO Waleed El-Hindawy said in a statement that the Egyptian real estate market is a promising and attractive market for investment.

Eagle Hills

Eagle Hills was founded in Abu Dhabi in 2014 to operate in the real estate market. It owns a subsidiary, Al-Maabar, which builds projects in Morocco and Jordan. The company is headed by the Emirati businessman Mohamed Alabbar.

Projects in Egypt

In February 2015, Minister of Investment Ashraf Salman announced that Eagle Hills is planning to build a new city in Cairo for low and middle income citizens.

The project is expected to take 12 years to be completed, with costs of $75-80bn. Sources at that time said the project will be formally announced in March.

In March 2015, the government signed a memorandum of understanding (MOU) with Alabbar to develop the city, which is planned to be constructed 60 km away from eastern Cairo. Alabbar’s Eagle Hills was set to take on the responsibility ofdevelopment and providing funding from abroad.

Then, Egypt announced that Alabbar will found another company called Cairo Capital Partners for the project.

The project, which was later named the Cairo Administrative Capital, is currently separated from Alabbar’s company as both parties disagreed over the share of the Egyptian government in the project.

HMG Properties

HMG is a leading real estate group founded in 2001. It operates in residential, investment and development projects in the UAE, Lebanon, Egypt, the United States, the UK and Spain.

Projects in Egypt

The UAE-based group expanded to the Egyptian market in 2015 by launching an “ultra-luxe” residential tourist resort named Sharm El-Sheikh Vista Resort.

CEO of HMG Properties Raed Bourjass said last year: “As Egypt becomes a magnet for foreign investment, the luxury residential sectoris growing in cities such as Sharm El-Sheikh . While tourism is the main economic driver of the city, we believe that in the years to come, real estate here will appreciate faster than any other city in the country.”

Sharm Vista is located in Nabq Sharm El-Sheikh, which also hosts another project for HMG called the Golden Bay Resort.

HMG is also planning new projects in Cairo, Alexandria, Aswan, Luxor, and Hurghada.

 

https://ww.dailynewssegypt.com/2016/04/06/uae-real-estate-firms-shift-focus-to-egypt/
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