Egyptian construction company Arab Contractors has signed a deal to sell 94 hotel units to Fareda, a joint ownership platform under the Egyptian Investment Fund's Sakr Investment. The units are part of the Breeze Palm Beach project in Egypt's North Coast, which spans 60 acres and has mostly been sold out. The project is one of several real estate ventures Arab Contractors is involved in, with over 40 years of experience in the sector.
According to Mohamed Abd El-Nabi, head of Arab Contractors' real estate investment and assets sector, the company aims to generate 1 billion Egyptian pounds in sales from the current 94 units. The hotel units will be delivered as turnkey projects, ready for occupancy. The company plans to launch another phase of 300 units in the near future. Abd El-Nabi made the announcement at a press conference.
Arab Contractors is planning to expand its presence in Egypt's real estate sector with several new projects in different areas. One such project is a mixed-use development in Cairo's Nasr City, details of which will be disclosed once all necessary legal procedures, including licensing and design, are completed. The company currently has projects underway in Hurghada, Ismailia, and Nasr City.
Ahmed Sakr, head of Sakr Investment and Fareda, said that large companies like Arab Contractors provide unique investment opportunities in the real estate sector. He noted that the current market requires re-establishing trust, which can be achieved through reputable companies and brands. Sakr also mentioned that Fareda has seen significant growth, with 30,000 accounts registered on the platform in the past year and a half.
According to Sakr, 50% of Fareda's accounts are from Egyptian expats. The platform aims to provide investment opportunities in the real estate sector, particularly in large-scale projects like Breeze Palm Beach. The partnership between Arab Contractors and Fareda reflects the growing demand for real estate investment opportunities in Egypt.
Arab Contractors' expansion plans in the real estate sector align with the Egyptian government's efforts to boost the industry. The company has a long history in the construction sector and has diversified its portfolio to include real estate development. With several projects underway, Arab Contractors is poised to play a significant role in Egypt's real estate market.
The Breeze Palm Beach project is one of several initiatives by Arab Contractors to capitalize on the growing demand for real estate in Egypt. With its extensive experience and reputation in the construction sector, the company is well-positioned to deliver high-quality projects that meet the needs of investors and customers.
Key points
- Arab Contractors aims to generate 1 billion Egyptian pounds in sales from the current 94 units in the Breeze Palm Beach project.
- The company plans to launch another phase of 300 units in the near future.
- Arab Contractors has over 40 years of experience in the construction and real estate sectors.
