UAE real estate developer Al Qamzi Developments has unveiled its strategic expansion plan in the Egyptian market, saying that it will inject investments worth EGP14bn in the span of four years.
Chairperson Abdullah Al Qamzi said that the company has already started the implementation of its expansion strategy in the Egyptian market. It is set to launch two projects in New Cairo and North Coast, and seeks to obtain a plot of land in the New Administrative Capital (NAC) within four years.
Al Qamzi Developments is a UAE-based developer that was founded in 1997, and specialises in contracting and executing a plethora of mega projects across the UAE, he said.
The company decided to expand abroad in 2010 and picked the Egyptian market, because it believes that this market has stamina and lots of promising opportunities.
Al Qamzi Developments started on several ground-breaking residential and services projects in the Greater Cairo neighbourhoods of Dokki, Mohandseen, and Misr El Gedida.
“The company began to expand even during Egypt’s turbulent times in terms of security and political stability, because it is convinced that the Egyptian market is resilient enough to boom and recover again,” Al Qamzai said, “When President Abdel Fattah Al0Sisi took office as president of Egypt, the Egyptian state started to carry out a comprehensive developmental projects, launch epic projects and improve the investment climate in the country.”
He added, “Since then, the company decided to go ahead with its expansion plan and kicked-off colossal projects to keep pace with the Egyptian state’ plans and orientations.”
Yasser Zedan, CEO at Al Qamzi Developments, said that the company eyes more investments and expansions in East Cairo in the next four years. He noted that it also plans to turn to West Cairo later on, as it has a comprehensive expansion plan to carry out nationwide.
The company has kicked off construction at its New Cairo project, consisting of a residential compound encompassing integrated services. The project will be executed using world-class constructions and latest designs.
The company has tapped leading Egyptian consultancies for laying down the project’s designs, namely Ökoplan and Raef Fahmi Architects.
The company’s second project is located over 204 acres is the El Dabbaa region of Egypt’s North Coast region, he added.
Speaking at a press conference, Al Qamzi disclosed the strategic cooperation binding the company with the real estate consultancy firm, New Avenue, to conduct consultancy and marketing studies for the company’s projects, namely the New Cairo Project.
Ahmed El Desouky, Chairperson of New Avenue, said that tying up with Al Qamzi Developments will add new value to the Egyptian real estate market. This includes awarding contracts to specialists, while prompting the developer to focus on funnelling full expertise to serve the purpose of upgrading development and purchasing plots of lands.
Marketing consultants may start then to engage in collaborating in regards to the generation of new value-added product catering to customers’ needs, together with laying down marketing and pricing plan.
Al Qamzi Developments holds significant expertise and tracking record in the areas of construction and reconstruction in the UAE.
It is also ambitious enough to draw up an expansion plan for the execution of upscale projects and alluring clients, here and abroad, helping to keep pace with the state’s plan for exporting properties.
“Upon finalising its designs, New Avenue started off the New Cairo project consisting of 230 villas of varied sizes, and will begin marketing the project soon, as the company seeks to sell its entire units one year and a half following the launch,” El Desouky said.
New Avenue Real Estate has been working in the Egyptian market since 2015 and posted more than EGP 12bn sales until now, he concluded