Mexico's inflation exceeds expectations in 1st half of April    Egypt's gold prices slightly down on Wednesday    Tesla to incur $350m in layoff expenses in Q2    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Egyptian Prime Minister follows up on efforts to increase strategic reserves of essential commodities    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Afaaq invests EGP 600m to complete Amorada New Cairo development
Company plans to develop new Amorada project in New Administrative Capital, says Chairperson
Shaimaa Al Aees Published in Daily News Egypt on 22 - 06 - 2020

Afaaq Construction and Real Estate Investment has completed its Amorada development in the Fifth Settlement, New Cairo, with investments worth EGP 600m.
Afaaq Chairperson Osama El Etreby said that Amorada is a residential compound spanning over 31,000 sqm, of which 22.5% is built-up area, and includes 272 units of varying spaces.
The company began construction work on the project in October 2018, he added, with about 90% of the project now sold out.
Amorada also includes a soon-to-be-developed commercial mall covering an area of 4,800 sqm, containing various services for the project's clients, and which will be rented out, El Etreby said.
He noted that Afaaq has, over the past 25 years, invested in Ras Sudr and in Delta region. The company has since decided to expand its investments in new cities to meet the needs of multiple customer segments.
El Etreby revealed the company plans to develop its Amorada project in the New Administrative Capital (NAC), which will be announced soon, alongside a project in New Alamein.
"Egypt's real estate market managed to maintain its continuity and return at stronger rates due to previous real demand, because of the country's large population, as it is a promising sector that contributes about 18% to the GDP," he said. "Additionally, the real estate sector will see some changes after the end of the coronavirus crisis, including the existence of various designs for housing unit, commensurate with the change in client needs who are now able to work from home. There are also changes in administrative, commercial and tourism projects, while allowing many tasks and work from home."
He indicated that the state and private sector have cooperated on implementing ambitious urban development plan in partnership projects. These achieve integration between the qualifications that both parties possess and getting rid of bureaucracy that hinders investment. This in turn will enable the development of large areas of land at renewable financial returns for the country.
Afaaq is ready to partner with the state in developing multiple projects to contribute to development the country is currently implementing, El Etreby said.

Clic here to read the story from its source.