Fureeda, a real estate crowdfunding platform owned by the Egyptian investment fund, has announced that it has signed a contract with Arab Contractors to purchase 94 hotel units in the Breeze Palm Beach project in North Coast. This move is part of Fureeda's strategy to expand its real estate investment portfolio and provide diverse investment opportunities to its clients. The deal reflects Fureeda's efforts to grow its presence in the Egyptian real estate market.
The Breeze Palm Beach project is located on a 60-acre plot in North Coast and has already seen the sale and delivery of most of its units. According to Arab Contractors, the targeted sales for the hotel units under the contract are around one billion Egyptian pounds. The units are planned to be delivered as turnkey projects, providing a complete hotel product for investors and clients.
Dr. Ahmed Saqr, CEO of Fureeda, stated that the deal with Arab Contractors is a significant step in the platform's plan to build a diverse portfolio of real estate and hotel assets. He added that Fureeda aims to provide investment opportunities with clear prospects, in partnership with strong and experienced entities in the real estate market. The platform's model of shared real estate ownership is gaining popularity, with over 30,000 registered accounts on the platform in just a year and a half.
Around 50% of Fureeda's registered accounts belong to individuals residing outside of Egypt, reflecting the growing interest in real estate investment opportunities in the country. The platform continues to work on expanding the range of opportunities available to investors, while developing its investment model and building new partnerships with major companies and entities.
Mohamed Abd El-Nabi, head of the investment and real estate assets sector at Arab Contractors, noted that the company is planning to launch a new phase of the Breeze Palm Beach project, which includes around 300 units. The company has over 40 years of experience in the real estate sector and currently has projects in various locations, including Hurghada, Ismailia, and Cairo.
The deal between Fureeda and Arab Contractors highlights Fureeda's efforts to expand its real estate crowdfunding model by building a diverse portfolio of assets and partnering with major players in the Egyptian real estate market. This move supports the platform's plan to develop more diverse real estate investment tools and provide new opportunities for investors in the Egyptian market.
The partnership between Fureeda and Arab Contractors is expected to boost confidence in real estate investment in Egypt, as it brings together a leading real estate crowdfunding platform with a major construction and development company. The collaboration is likely to have a positive impact on the Egyptian real estate market, providing more opportunities for investors and contributing to the country's economic growth.
Key points
- Fureeda has signed a deal with Arab Contractors to buy 94 hotel units in the Breeze Palm Beach project in North Coast.
- The deal is part of Fureeda's strategy to expand its real estate investment portfolio and provide diverse investment opportunities to its clients.
- The targeted sales for the hotel units under the contract are around one billion Egyptian pounds.
