MBG Developments has invested over EGP 7bn in Egypt's real estate market, distributed across the New Administrative Capital (NAC) and the Delta region, according to the company's CEO Amr El-Adl. He added that the company seeks to increase its investments during the coming period, as part of its new strategy. Al-Adl revealed that the company will launch two new projects in the NAC next month, which will be added to the company's portfolio, and for which details will be announced soon. He expects that the company's commercial sector would achieve the targeted sales plan, especially as new marketing mechanisms would be set up to suit the current market conditions. These will also attract target customer segments for the company's projects. Meanwhile, the company has appointed Kareem Mamoun as Chief Commercial Officer (CCO), as part of its new strategic plan to restructure the company. The plan includes attracting talents in the real estate sector, and an expansion plan to add new projects to its portfolio. The company has developed a new expansion strategy, and aims to implement it during the coming period. Mamoun expressed his happiness at the appointment, as MBG Development's real estate portfolio and strong financial solvency ensures it competes strongly in the real estate market, especially in the NAC. He said that an integrated marketing study for the company's projects under development and scheduled to be launched during the coming period has been drawn up, to achieve the contractual sales target. The company plans to launch a new real estate product in the NAC by offering two projects in the NAC's Downtown area, he disclosed. Maamoun added that all procedures for licensing and engineering designs for the two projects are currently being completed, and details are scheduled to be announced at the end of this month. MBG Developments is developing the Pukka project, which is built on an area of 41 feddans and includes 42 buildings. The built up area does not exceed 22%, whilst the rest of the area is devoted to green areas and landscaping. The company is developing the first integrated medical centre River Green in the NAC, which the company has launched recently with investments of EGP 1bn. It is located in the MU23 area, between the R2 and R3 residential neighbourhoods directly on the Al-Amal axis.
