Empire State Development’s COB: We aim to invest 17 billion L.E in the market within a few years
Mostafa Mohsen, Chairman of the Board of Directors of Empire State Developments (ESD), said that his company is studying a many investment projects in East and West Cairo, to choose the best companies to establish, and a direction to invest in the Administrative Capital -East Cairo- “due to the value of investment within it, and the returns”, he said.
“The company will pump 17 billion L.E over the coming years, as we study many investment opportunities to choose new ones, with our established goal of choosing the best locations, and improving a beneficial return”, says Mohsen.
(ESD) owns “Al Centro Mall” in New Administrative Capital, located in the heart of the Downtown, with an area of 5,231 m2.
The mall consists of two floors, in addition to 15 floors nearby.
Also, Empire State Development work in “New Zayed”, and “New Sphinx” in western Cairo.
Mohsen added that the company will soon announce a partnership with one of the giant Saudi entities, and will pump investments and cooperation into both participants.
“The partnership between real estate developers in both the Kingdom and Egypt is very fruitful, and the teams subsequently contributed to the success of that alternative cooperation”, Mohsen Said.
He announced that the company has large financial coverage, that helps it implement its projects on schedule, and in limited quantities depending on the diversity of customer strategies, in addition to a diversified investment portfolio, between the real estate shareholding industry and construction.
Mohsen relies on the strength of the local real estate sector “Real estate lands size in Egypt is approximately 10 leaders, distributed over more than 43 million properties, representing 20% of the domestic product and 12% of the workforce, and it is one of the powerful engines of the Egyptian economy”.
It also experienced the urban renaissance that Egypt has currently witnessed, as the country witnessed the inauguration of 61 new cities, with a total area of 2.2 million acres, inhabited by more than a quarter of a million people, the source of its innovative capacity – when built – for approximately 65 million people, divided into four generations.
Among the fourth generation cities, Egypt has established 39 cities, which are certified smart cities, led by the New Administrative Capital.
Facilitating investment opportunities
At the same time, Mohsen explained that the urban renaissance taking place in Egypt requires the establishment of a law regulating the profession, which developers have demanded since 2008.
The need for the law came in light of the openness to major investment opportunities, such as the “Ras El Hekma” option on the northern Egyptian coast, and the “SouthMed” deal with the Talaat Mostafa Real Estate Group, and what follows it, which is targeted by the Egyptian government “which does not want to regulate the law.” Practice is required and necessary, and it cannot possibly be more than that,” he stressed.
Attracting foreign investments should not be limited to foreign companies operating in Egypt only, but should also work to promote investment opportunities in global Egypt.
Haqq Mohsen said that promoting real estate exported to Arabs and Egyptians, in addition to Egyptians working abroad, is one of the available investment opportunities, “especially in light of a fair price for local labor against foreign currencies, which is in the interest of promoting the Egyptian product, whether “It was industrial or real estate, and it gave it great advantages among the countries of the region”.
In particular, Mohsen created a selected electronic platform that provides specific information about all real estate companies’ projects in Egypt, to promote real estate properties abroad, and expands by holding international real estate exhibitions for cooperation between developers and the Egyptian government – which gives credibility to the events – and facilitates the registration of Egyptian real estate, which is a problem that hinders the sale of real estate for sale in the outside.
Given that Mohsenah is able to contribute from the government to support the real estate market, such as reducing interest rates on real estate loans and providing land at reasonable prices, despite the challenges faced by the real estate market, she is nonetheless able to influence with a great deal of government support, strong demand, and flexibility. Real estate companies in a market confrontation.
New projects
Regarding the “Sian” tourism project agreement in South Sinai, Mohsen said that the company launched “Sian” in the city of Ras Sidr, on an area of 14 acres in one of the most distinctive locations in the city, and has established many goals to reach the target customers, those looking for a distinctive location and a stable climate. In a food project.
The Cyan project is only 100 minutes away from Cairo. Small vacations can also be spent in a quiet place in Sayan-Ras Sedr.
He explained that the project includes 473 different residential units, including twin apartments, chalets, and studios. It also includes a 100% sandy beach, 4 swimming pools, a 4-star hotel, kite surfing, a play beach, a children’s play area, cafes, and restaurants, which makes the pharmaceutical project provide services and is eligible for public payment.
