Q Developments has announced its expansion into Egypt’s real estate market.
Mohamed Farag, a member of the company’s board of directors, said that Q Developments is an Egyptian joint stock company established in 2016 and owns 50% of shares of Jumeirah Egypt for Constructions, in addition to 75% of IG Capital , 90% of Q Asset Management Companies, Q Tourism Investment Company, and Q Art House Furniture Company. This collection of companies enables Q Developments to manage investments in various fields, including real estate investment, contracting, tourism investment, trading and manufacturing furniture as well as owning and managing commercial malls. The company’s investments amounted to EGP 9bn.
Farag revealed that the company’s land portfolio amounts to EGP 1.2bn, added that the first project will be announced in June. It is a coastal project in Sidi Abdel Rahman area, then this will be followed by a commercial project in Alexandria with a total investment of EGP 7bn then this will be followed by a second project in North Coast, with investments amounting to EGP 2.8bn.
He said that the company aims to address a large segment of consumers who have real demand accumulated over the past years, believed that the existed real estate developers focus in their projects on class A clients, or address low-income people with other projects. There are not enough projects that address the middle-income customers, specifically upper middle-income people, which holds many keys in society.