Egypt’s real estate developer Memaar Al-Ashraaf has contracted with Etqan Business Development, a financial and marketing consultant, to launch its latest mixed-use commercial projects in New Cairo during the last quarter of 2022, as part of the company’s plan to expand in Egyptian market and in support of the state’s plans for urban expansion.
Ahmed Amin Massoud CEO of Memaar Al Ashraaf praised the cooperation with Etqan as one of the largest consulting companies locally and internationally, and has a strong and successful business history in the Egyptian market.
Massoud said, “Cooperation with Etqan is not the result of the moment, but came after a careful review of the company’s tangible efforts that support us strongly in implementing the company’s strategy for expansion and directing more successful investments”.
He added that the new project is completely commercial on 3,500 sqm, with investments amounting to approximately EGP 300m with expected sales of EGP 500m, noted that the project is located in the most distinguished areas in Lotus area in New Cairo.
He pointed out that Memaar Al Ashraaf enjoys more than 42 years of experience in Egyptian market, during which it has succeeded in achieving many successes and launching distinguished projects in downtown and new cities, and owns a diverse portfolio of land in west and east Cairo ready for development.
Since 2015, the company’s projects have been stationed in New Cairo and launched hundreds of residential projects, ready-made garment factories, four service centers and car catering. Moreover, Memaar Al Ashraaf owns 80% of administrative commercial lands in New Obour City and it has developed two malls under trial operation.
For his part, Bassem El-Sherbiny, CEO of Etqan Business Development expressed his warm welcome to cooperate with Memaar Al Ashraaf, one of the largest serious companies that has made a strong addition to real estate sector.
El-Sherbiny noted that Etqan had prepared financial studies and marketing strategy for the project, in addition to developing a detailed tender plan.
He disclosed, “Etqan always seeks to provide everything new to its partners and keep pace with developments and challenges in the market. Furthermore, since the last quarter, the company headed to New Cairo market for its remarkable recovery, and the Memaar Al Ashraaf’s project is the second project that Etqan participates in its inauguration in New Cairo in less than two months”.
Etqan provided its services to more than 50 companies in 10 countries and trained 45 teams on marketing and sales to represent a strong addition to the Egyptian market as a whole. Moreover, the company has contributed to the launch of more than 40 new projects with a sales value worth more than EGP 50bn in more than distinguished areas in New Administrative Capital, he concluded.
