QORE has officially entered Egypt’s real estate development market, unveiling Maydan, its first project in 6th of October City, as part of an investment plan targeting EGP 30bn through 2030.
The company said its entry into real estate development builds on more than 30 years of experience in construction, infrastructure, and manufacturing. It plans to leverage capabilities across these sectors to develop and operate real estate projects in Egypt.
QORE has also signed partnerships with Inversion, Hafez Consultants, and TSM Asset Management for the development and operation of Maydan.
Under the agreements, Inversion will provide advisory services related to the project’s development and investment strategy, while Hafez Consultants will handle engineering consultancy and design. TSM Asset Management will oversee asset management, operations, commercial activities, and retail strategy.
Construction work on Maydan has already begun, according to QORE. The company said its EGP 30bn investment plan will be supported partly through internal financing, with self-funding expected to cover between 30% and 40% of construction costs.
Maydan is being developed on approximately 10,000 sqm of land, with a total built-up area of around 30,000 square metres and a targeted development period of three years.
The mixed-use project will include commercial spaces, administrative offices, and medical clinics.
QORE said the project will also include an operational and service component targeting companies and factory owners, offering commercial, administrative, accounting, and tax-related services.
Medhat Sayed Abdel Hafiz, CEO of QORE, said the company’s entry into real estate development represents an expansion of its existing activities in construction, infrastructure, and manufacturing.
Mohamed Diab, CEO of Inversion, said the company’s role would focus on planning and development strategy, including the project’s mix of uses and operational model.
QORE is part of a wider group comprising 19 companies operating in Egypt and abroad across construction, infrastructure, manufacturing, and related activities.
The group has worked on more than 100 projects in Egypt and the region and employs more than 1,555 professionals, according to the company.
Its activities include general contracting, ready-mix and precast concrete, aluminium manufacturing, architectural systems, and interior solutions.
The group’s previous projects include 500500 Hospital in Sheikh Zayed City, the Dr Hassan Mostafa Sports Halls Complex in 6th of October City, Nasser Institute, and the High Court of Appeal at the City of Justice.
Mohamed Hafez, CEO and Chairperson of Hafez Consultants, said the company would focus on the engineering and architectural design of Maydan, taking into account its combination of commercial, administrative, and medical uses.
Mohamed Galal, Chairperson of TSM Asset Management, said the company would develop the project’s operations and retail strategy, including the mix of activities and services.
QORE said its expansion plans through 2030 include developing a portfolio of projects in Egypt and evaluating additional investment opportunities, particularly in 6th of October City.
Potential projects include a land plot of approximately 20 feddans in the Al-Thawra area and another plot of less than 20 feddans in Boulevard, the company said.
