The Porto Group is focusing on the development of three new land projects with total investments of EGP 20bn, as per the Company’s Chairperson Gamal Fathallah.
The projects, called Golf Porto Cairo, Porto Assuit, and Porto Agadir, are situated on plots of land owned by the company in the last two years.
In a press conference held on Tuesday, Fathallah said that the Porto Assuit project is a residential compound in Assiut Governorate. It is composed of 500 housing units and will witness investments of EGP 4.5bn over a period of six years.
He stated that construction works are continuing on the Porto Assiut project, mainly in the first phase, which will be constructed within three years.
The Golf Porto Cairo project is located on 151 feddans within the fourth phase of Mostakbal City, directly on the Al-Amal Road and close to the New Administrative Capital (NAC) and Madinaty.
The venture includes 3,000 private units and 500 villas notwithstanding global eateries, a worldwide school, a nursery, a mosque, and administrative offices.
He elaborated that the organization is working as per its inner advancement intend to rebuild all divisions corresponding with proceeding with work on its projects.
This is pointed toward satisfying its agreements with its clients, with Fathallah focusing on that the organization has a goal-oriented venture plan that keeps up its authority in the land area during the coming time frame.
“The total number of units that the company has sold out to customers so far exceeds 10,000 units, with a total value of nearby EGP 13bn, and more than 7,000 of them have been delivered so far,” he said, “Additionally, the company plans to deliver approximately 3,500 other units this year.”
He added that “Mansour Amer no longer owns any shares in the Porto Holding Group in his personal capacity.” He also said that “the company’s shareholder structure includes Arab investors from Libya, Saudi Arabia, and the UAE, in addition to Egyptian businessmen.”
The current investors have the arrangement to set up an entity in partnership with the Prime Egypt Group and the UAE’s Asmak Holding Company Limited.
The element will be made to create and oversee business, tasks, and ventures. Fathallah focused on that the organization benefits incredibly from the tremendous ventures and elements claimed by Porto Group and Prime Egypt Group in various areas, as it can go into key associations among public and private areas.
Ayman Khalifa, Porto Group’s Vice-Chairperson, and CEO said that the organization has an ambitious plan to look for new speculation openings and lands in different parts of Egypt. This comes subsequent to ensuring that they are recognized in the venture and fit with the turn of events and speculation plans of the organization.
Khalifa further said that the company’s internal and external investments cost approximately EGP 20bn.
He also makes the note that the company has a strong plan to raise implementation rates in its projects to the attachment to implementation rates.