Amazon Developments obtains the decennial liability and National Housing Research credits for Capital Diamond Tower project
Amazon Developments succeeded in obtaining the approvals for “Capital Diamond Tower” its project in the central business district in the New Administrative Capital – which is the first and tallest Twisted Tower in Egypt and Africa with 180° rotation angle – by the Decennial liability insurance and the National Center for Housing and Building Research.
Hossam Abu Al Souod, Amazon Developments Chairman, stated that the company started directly in the construction works of “Capital Diamond Tower” project the next day after obtaining the approvals from the Decennial liability, noting that the company is taking steps towards producing an addition to the Egyptian market, by developing a larger number of real estate projects of a distinguished nature that provide guaranteed profit opportunities for investors.
He added that the company keens to work 24/7 a week, to implement “Capital Diamond Tower” project according to the approved timeschedule or even before it.
Abu Al Souod also indicated that “Capital Diamond Tower” project is considered a starting point for the company in the Egyptian market, as Amazon Developments intends to develop a number of real estate projects in various aread of Egypt during the coming period, targeting to provide a different experience for the client and attract the arab investors to the Egyptian market, especially in major national projects, most mainly its distinguished project “Capital Diamond Tower”, which is located in the CBD of the New Administrative Capital and is the first and tallest Twisted Tower in Egypt and Africa, directly overlooking the iconic tower, which regarded the most prominent figures of the New Administrative Capital.
In a related context, Mahmoud Al Gharib, Amazon Developments Vice Chairman and CEO, assured that the company aims to be a leading developer among more than 400 developers in the New Administrative Capital, and it is expected that a huge group of major companies will enter to implement projects in the capital during the next period, after realizing that the sales index is trending strongly towards fourth generation cities, which leads to increasing in investment opportunities as a result of increased demand.
Al Gharib also revealed that the company’s plans are not limited to develop projects in the Administrative Capital only, as Amazon Developments aims to develop ten real estate projects during the coming period in all major locations in Egypt, including east and west Cairo, the Red Sea coast and the North Coast, pointing that “Capital Diamond Tower” project is a good start to attract the attention of Arab investors to the Egyptian real estate market.
Dr. Hisham El Samri, Amazon general manager, said that the demand trends in the Administrative Capital come aiming to investment first rather than housing, expecting that the fourth generation cities will witness a significant increase in demand rates.
He also referred to the importance of exporting Egyptian real estate at this stage and that to ensure the success of real estate export system, we must know who is the real estate exporter and who is the developer qualified to export, and whether there are certain areas for real estate export or whether all areas are valid, according to approved studies internally and externally.
El Samri stated that the fourth generation cities contributed in opening great horizons for new entities by contributing in the success of many companies that have innovative ideas, expecting a huge qualitative shift in the Administrative Capital following the government’s move to it, which will further maximize investment opportunities due to the increase in demand.
Mohamed Rahal, head of Amazon’s commercial sector, added that the rise in production input prices is one of the most important challenges facing the Egyptian real estate market after overtaking from the Corona pandemic, especially that the Russian-Ukrainian war erupted and confused the world again, in a short time after the world started to adapt to the repercussions of the severe pandemic, and based on these rapid events, real estate development companies is facing a great challenge that requires them to work with double effort to keep pace with the current challenges.
Rahal stated that the coming period will witness huge offers from Amazon to all investors in Egypt and the Arab world, pointing that the company’s upcoming plans to develop projects include a number of vital areas in Egypt.
It is noteworthy that Amazon Developments is one of the eleven companies affiliated with the Amazon Group, which was established since more than twenty years ago in the United Arab Emirates.
The group’s activity is not limited to real estate development and project construction only, as the group includes companies specializing in facilities management, hospitality, manufacturing, finishing, delivery, management and maintenance, and during more than three decades of success and continuation in building and construction, Amazon Group has developed more than 30 towers, and expanded the group’s operational geographical area to include Egypt in addition to the Arabian Gulf region.
