(AFP Photo)
Chairman of Abraj Misr, Aly Rabie, stated that 15% of the company’s shares will be launched in the beginning of the FY 2015/2016 in the Egyptian Exchange (EGX). He added that the company already formed a committee to raise recommendations for the listing operation.
Rabie previously said that within 45 days the committee will announce the listing advisor, confirming that the subtraction operation represents a pillar upon which the company will be able to expand in the Egyptian market during the next period.
According to Rabie, the company’s investments are estimated at EGP 8bn; this was after announcing its project ‘The Gate’ of over 37,000sqm, which enjoys a very strategic location in Masr El-Gedida, with investment estimated at EGP 4.5bn. He declared that the funding sources vary between self-funds, banks, and clients.
Rabie said that the project will be implemented in three years, adding that the company will start construction operations by September to be completed in June 2018.
The project includes eight sub-platforms as well as nine housing flats, hotels and commercial platforms.
Rabie declared that this project is dedicated to the middle class as the housing units start at 149 metres, while the commercial ones start at 63 metres.
The company’s General Manager, Ihab Labib, said that Abraj Misr changed the methods of real estate investment in Egypt due to its interest in new and renewable energy, as Abraj Misr has a strategy to build smart villages.
Labib added that Abraj Misr is planning to complete Phase I of the construction operation for the North Coast project in 2017. The investment cost of the project is estimated at EGP 1.5bn.
Labib believes that the decision of implementing fees in order to protect imported steel shows that the prices of materials used in construction, such as iron and cement, are not well studied.
