Egyptian and Kuwaiti investors launched a real estate development company, with the name “Modon”, with big investments exceeding EGP 5bn, adding on to a big investment fund with investments of more than EGP 10bn.
The new company is anticipated to launch big real estate projects in the New Administrative Captial and New Alamein.
As per Tallat Georgios, Chairperson of Modon, the negotiations to build the company have begun about a year before.
He further said that the Kuwaiti side welcomed the partnership due to the fact that Egypt is one of the promising markets, all thanks to the country’s political firmness, adding on to the latest big projects that the country saw in the real estate development sector.
Talaat further said that the new and amended laws also help the economic environment, containing the amendments to the investment law.
For his part, Pham Najeh, the Managing Director of Modon, said that the company’s licenses have been finished, providing that the company has a plan for listing on the Egyptian Exchange and bringing a Kuwaiti-style city in New Alamein.
Najeh added that the company has bought a big area of land in the New Administrative Capital, and others in New Alamein, stating that the company also finds to expand in Upper Egypt and raise its portfolio of land. The new company will begin its functions by launching three residential projects and various skyscrapers in the New Administrative Capital.
Osama Tarek, head of the commercial sector at Modon, said the New Administrative Capital project was like a blessing for the real estate market, providing that it will be a major intelligent city like Dubai, London, and New York.
He further said that the company aims to boost about EGP 3bn in building a huge residential project in the New Administrative Captial in the first year, with the aim of sales near to Egp 5bn.