Egyptian company QORE has officially entered the real estate development sector, leveraging over three decades of experience in construction, infrastructure, and manufacturing. The company announced the launch of its first real estate project, Maydan, in the October 6th city. Maydan spans 10,000 square meters of land, with a total built-up area of 30,000 square meters. The project is set to be completed within three years and will feature commercial, administrative, and medical activities.
QORE has begun construction on Maydan and aims to invest $30 billion in the real estate sector by 2030. The company boasts a strong financial position and a financing model that relies heavily on self-resources, allowing it to fund 30-40% of construction costs internally. This approach reduces the project's reliance on sales revenue and ensures steady progress. QORE has also partnered with Inversion, Hafez Consultants, and TSM Asset Management to provide consulting services, develop the project, and manage assets and operations.
The Maydan project is designed to be a comprehensive destination for businesses, entrepreneurs, investors, and users. QORE's entry into the real estate sector marks a significant milestone, as the company seeks to capitalize on its accumulated expertise in construction, infrastructure, and manufacturing. According to QORE's CEO, Eng. Medhat Sayed Abdel Hafiz, the launch of Maydan represents a new phase of growth and expansion into the real estate sector.
QORE's operations are backed by a robust organizational structure, comprising 19 companies operating in Egypt and abroad, with a portfolio of over 100 projects and a team of 1,500 specialists. This extensive experience and expertise enable the company to undertake large-scale projects and deliver high-quality results. QORE is also exploring investment opportunities in October 6th city, including a 20-acre plot of land known as "Aard Al-Thawra" and the "Boulevard" land.
The Egyptian real estate market is expected to benefit from QORE's entry, as the company brings a fresh perspective and significant resources to the sector. With its strong financial position and extensive expertise, QORE is well-positioned to make a meaningful impact in the market. The company's focus on delivering high-quality projects and creating comprehensive destinations for businesses and users is likely to resonate with investors and customers alike.
QORE's growth strategy involves expanding its presence in key locations, including October 6th city. The company is committed to building a diverse portfolio of real estate projects, with a focus on creating value for its stakeholders. By leveraging its expertise and resources, QORE aims to establish itself as a major player in the Egyptian real estate sector.
The launch of Maydan and QORE's ambitious investment plans are significant developments in Egypt's real estate sector. The company's commitment to delivering high-quality projects and creating comprehensive destinations for businesses and users is likely to have a positive impact on the market. With its strong financial position and extensive expertise, QORE is well-positioned for success in the Egyptian real estate market.
Key points
- QORE aims to invest $30 billion in the Egyptian real estate sector by 2030.
- The company's first project, Maydan, spans 10,000 square meters of land and features a total built-up area of 30,000 square meters.
- QORE has partnered with Inversion, Hafez Consultants, and TSM Asset Management to provide consulting services and develop the project.
