Nakheel Developments announced its preparation to open its first branch outside the Egyptian real estate market, at “Time Oak Hotels & Suites” Hotel in Dubai, as part of the company’s plan to expand marketing its projects outside the local market, which aligns with the state’s plan to export real estate.
Eng. Emad El Tabbakh, Chairman of Nakheel Developments, said that will inaugurate the new branch in Dubai in the middle of February, with Mr. Mohamed Awadallah, CEO of Time Hotels Group, Mr. Sherif El Domyati, Head of Commercial Sector at Nakheel Developments, and Mrs. Basma Teleb, Chief Marketing Officer of Nakheel Developments.
For his part, Eng. Emad El Tabbakh, Chairman of Nakheel Developments, said that the choice of UAE to open the company’s first foreign headquarters there is due to the presence of a strong purchasing power for Egyptians working in Dubai or non-Egyptian clients who seek to buy real estate in Egypt, whether for housing or investment.
He pointed out that UAE is distinguished by accommodating clients of multiple nationalities looking for investment opportunities, and the company seeks through this office, not only to market its projects in the New Administrative Capital only, but also to market the New Administrative Capital as a promising national project commensurate with the choices of clients from all over the world.
He added that a large percentage of clients who made purchasing decisions abroad were concentrated in UAE, specifically in the Emirate of Dubai, which was one of the elements supporting the decision to launch a new branch of the company in Dubai to serve existing and target customers, in addition to reaching out to other foreign nationalities present in Dubai and marketing the company’s projects.
Mohamed Awadallah, CEO of Time Hotels Group, said that Dubai is distinguished by being a global destination for those seeking real estate investment opportunities outside their country, and the opening of a new branch of Nakheel Developments in Dubai contributes in increasing the growth rates of marketing the company’s projects abroad.
He pointed out that Nakheel Developments is distinguished by providing real estate products that suit global needs, as the company implements two distinct projects in the New Administrative Capital, and cooperates with success partners in all the details of its projects and to keep pace with global developments in the real estate industry and with technological developments.
Sherif El Domyati, Head of Commercial Sector at Nakheel Developments, confirmed that the abroad expansion of real estate development companies has become a necessity imposed by the urban expansion that Egypt is currently witnessing, and the expansion in the implementation of Egyptian projects with international standards that commensurate with the choices of the foreign client, indicating that the company plans to achieve a strong sales rate for its projects through this new branch.
He explained that the Dubai branch will be the beginning of the company’s opening of other abroad branches, which will be opened soon, as part of a specific plan based on opening of new branches in areas where there is demand, as the company aims to attract new clients from a certain region or country where purchasing power is available, pointing out that the company takes all its decisions upon a strong strategic vision and carefully studied marketing studies.
Basma Teleb, Chief Marketing Officer at Nakheel Developments, pointed out that the company is implementing two projects in the New Administrative Capital, and has succeeded in achieving good implementing and marketing rates in both projects, as the company has completed marketing about 80% of “Trio V Tower” project at the end of last year, excavation works on the project has been completed, and project licenses have been obtained in preparation for the start of strong implementation during the current year.
She indicated that about 30% of “Double Two Tower” project was marketed which is a Hotel apartment – Administrative offices -Commercial units ,located on a total area of 9000 square meters, and the commercial area occupies the ground and first floors on an area of 4 thousand square meters for each floor, representing about 45% of the project’s total area, and the rest of the floors on an area of 1350 square meters for each floor, representing 15% of the total area of the project, and the works of excavation and leveling the project land are underway.