Dubai-headquartered real estate development company Mada’in Properties signed contracts with Saudi investors on Sunday to establish real estate, agriculture and tourism projects in the Marsa Matruh governorate.
Matruh has many investment opportunities with high expected revenues, said Mada’in partner, Reed Al-Zahairy, on the sidelines of Marsa Matruh Economic Conference. He noted that the one-stop shop approach will drive more investors in the upcoming phase, state-owned MENA news agency reported.
Mada’in began operations in 2006 with shareholders including Ahmed Ramadan, Juma (ARJ) Group, Kuwait-based Gulf Investment House (GIH) and other GCC investors.
UAE-based real estate companies are seeing opportunities in the Egyptian market. Minister of Investment Ashraf Salman said in May that UAE will start pumping approximately $2bn in investments in Egypt during fiscal year (FY) 2015/2016, noting that he agreed with UAE’s Minister of State, Sultan Al-Jaber, to direct these investments to housing and labour-intensive projects.
The UAE plans to build 50,000 new housing units in the next period, besides its involvement in a number of labour-intensive housing and real estate projects, according to Salman.
UAE’s Arabtec Company had also agreed with President Abdel Fattah Al-Sisi in March 2014, to build one million residential units for youth; however, the Egyptian government and the Emirati company fell out of agreement causing delays in implementing the project.
During the Egypt Economic Development Conference (EDDC) that took place in March in Sharm El-Sheikh, UAE’s investor Mohammad Al-Abaar agreed with the government to build a new administrative capital named Cairo Capital, but both parties have since disagreed on the conditions of the contract.
The Emirati Al-Fahad Holding for Real Estate Investment announced in September that it plans to establish a new company in Egypt called KAFCO to operate in real estate development with a paid-up capital of EGP 50m.