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AlTameer Arabian to increase its real estate investment in Egypt to EGP 10bn over 3 years Company plans to purchase 50 feddan in New Alamein to establish tourism project in 2021, says CCO Ahmed Osama
The Saudi-Egyptian partnership firm, AlTameer Arabian for development and real estate investment, aims to increase its investments in Egypt from the current EGP 5.5bn to EGP10bn in the next three years. AlTameer Arabian's CCO Ahmed Osama added that the company plans to expand its existing projects and obtain new lands, on which to establish new housing and tourism projects. These represent an added value to the national economy, and falls in line with the Egyptian Government's Vision 2030 plan. AlTameer Arabian owns three diversified projects in the New Administrative Capital (NAC) under the name of Rivan, with investments exceeding EGP 5bn. The first project is Rivan, and includes more than 700 serviced-apartments. Rivan Square, the second project in the NAC, is a commercial mall to provide integrated services to the residents of Rivan in particular, whilst also serving the NAC's residents. Rivan Tower is the company's third project in the NAC, and is comprised of commercial and administrative units and serviced-apartments. The company also owns other investments in agricultural and industrial sectors. Osama revealed that the company is negotiating with the New Urban Communities Authority (NUCA), affiliated to the Ministry of Housing, Utilities and Urban Communities. This is with a view to obtain a 50-feddan plot of land in New Alamein, on which it will establish a coastal housing project with investments worth EGP 4.5bn. He added that negotiations with the NUCA will be concluded and the project development will begin in the second half (H2) of 2021. Osama noted that the company has allocated investments of approximately EGP 1bn for the project's development. It has succeeded in selling all units at the Rivan project, which is located over 17 feddans in the NAC's R7 area, at the top of a 20 sqm hill. The project is comprised of 15 buildings housing a total of 700 units, with spaces ranging between 66-450 sqm. Additionally to this, 20% of the area is built-up with the remaining 80% focused on green areas, Osama pointed out. He further noted that over 30% of the project's construction work has been completed, with the project expected to be completed and handed over within a maximum of two years. Additionally, the company will begin construction work at its second project, Rivan Square, in the second quarter (Q2) of 2021, with work scheduled to be completed within three years. The project is situated over 15,500 sqm in the R7 district, and is comprised of commercial, medical units, and offices, with spaces starting from 50 sqm. Moreover, Rivan Square will contain the first water museum in Egypt, whose upper floors will be allocated to restaurants, clinics and offices. Regarding the company's latest project, Rivan Tower, Osama said that the company will begin construction work on the project in Q3 of 2021, with investments worth EGP 1bn. Osama added that the company projects targeted sales of EGP 500m in the current year. AlTameer Arabian has contracted with the Facil International, a firm specialised in managing international hotels, to manage the project. The reason for establishing three projects in the NAC is due to expectations that the national project will achieve a quantum leap in Egypt's urban development. It is also set to increase the level of quality in infrastructure and building design that is unparalleled in the local and regional markets. Osama expressed his optimism about the future of the real estate market in Egypt, which is based on several factors. This is most notably the continuation of the state's plans to achieve comprehensive development, and launch major national projects that contribute to maintaining a positive economic growth rate. Besides this, the continued high demand for residential units in the Egyptian market and flexibility is key to maintaining the survival and continuity of real estate companies in the current period. This is by offering real estate products and payment programmes that are compatible with customers' current purchasing power. Established in 2010, AlTameer Arabian is a Saudi investment company with considerable Egyptian experience. It has undertaken investments in multiple sectors, including the industrial sector, through the inauguration of the largest cardboard production plant in 10th of Ramadan city. The company also owns investments in the agricultural sector, initiating its business in the real estate sector in 2019 with investments worth EGP 3bn.
