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Company eyes major expansion of its project portfolio in 5 years Egyptian Developers announced on Monday the launch of Attracta, a four-story commercial mall in El Shorouk City within the company’s long-term strategy to expand its investment portfolio to 20 billion Egyptian pounds ($394 million) over five years. Abdel Rahman Abu Zeid, Founder and Chairperson of Egyptian Developers, said the project will cover 13,000 square metres (sqm) and feature shops, offices, clinics, and recreational spaces. Construction is set to begin within three months of customer occupancy, with completion expected three years after the contract award. Abu Zeid said the private developer aims to create a diversified portfolio, leveraging its land bank of 40,000 to 60,000 sqm. It is also exploring expansion into new regions, including the North Coast and Ain Sokhna, to align with evolving market demands. CEO Makhlouf Abd Rabo said for Attracta, Egyptian Developers has partnered with InCommercial for mall management and operations; MH Architects for design and engineering consultancy; Maap for MEP consultancy and Setra for MEP implementation. He said the company’s active projects include: Jaya Business Complex, with over 80 percent of units sold. Jaya East Mall El Shorouk, which is 90 percent complete, with finishing works in progress and 80 percent of units sold. Jaya Mark Mall El Shorouk, the second phase of Jaya East, where 60 percent of units have been sold. Rabo stated that the company plans to invest EGP1 billion ($20 million) in construction this year, funding all projects through self-financing. The developer is targeting EGP 3 billion ($60 million) in sales across its projects in 2024, driven by new project launches and additional phases in existing developments. (1 US Dollar = 50.27 Egyptian Pounds) |
