BROUQ Developments, one of the largest real estate companies, announced its plan to expand in Egyptian market, and launch a new package of real estate projects in the coming 5 years, in support of the state’s plans for urban development.
Ibrahim El-Sayed Ibrahim, Managing Director and CEO of BROUQ Developments said that the company has great confidence in the Egyptian market, which is considered the best market in the Middle East and enjoys very competitive and promising investment opportunities, in addition to the stability of economic, political and security conditions in Egypt, making it the best investment destination in the coming years.
Ibrahim added that the company plans to be one of the most important real estate development companies in Egypt. Accordingly, BROUQ has prepared an ambitious plan to expand investment in Egyptian market to take advantage of available opportunities as well as support the state’s plans for urban development, and to transfer its expertise from working abroad to local market to raise quality of Egyptian real estate sector, and launching distinguished projects with international standards.
He elaborated that the company aims to launch more than 10 new projects in the coming five years, with a total investment worth more than EGP 10bn, whether in New Administrative Capital, New Cairo, North Coast and Ain Sokhna. Additionally, the company is studying a package of investment opportunities in Upper Egypt and Delta regions.
The company has emerged from an alliance and cooperation between three of the largest companies operating in Arab Gulf region, namely, Qhsp, a Qatari company, Alfada, an Emirati company, and NBS HOLDINGS. Moreover, the alliance has a long experience in real estate industry close to 30 years, during which it has developed about 100 flagship projects ranging from residential, commercial, recreational and towers, in the UAE, Oman, Qatar, Morocco and London, with investments amounting to $5bn with a total area of about 1,000 acres, according to Ibrahim.
He explained that the alliance recently launched a new project in Morocco over 560 acres for housing, entertainment, tourism and education properties. It is an integrated project with an investment cost of €4bn.
He stressed that the company launched its first investments in the Egyptian market in 2018, and has an investment portfolio worth approximately EGP 2bn , which include Spark Capital Insight project. Spanning over 8,000 sqm, the project comprises commercial, administrative, medical units in the most distinguished areas of the New Capital in MU23 area and overlooking the Green River and intersection of Al Aml axis. Besides, the Spark Capital Insight project was designed at the highest level, and professional success partners with great experience and efficiency in the market were used to launch a high-quality real estate product.
Furthermore, the company’s investment portfolio also includes a new project in New Cairo, which is a residential and commercial development on an area of 19.3 acres, in a prime location near the American University, he concluded.