ICEC

Al Ismaelia to develop 11 properties in downtown Cairo next year

Egyptian Al Ismaelia for Real Estate Investment is planning to develop four giant real estates in downtown Cairo within 2019, its chairman Karim Shafei said on Sunday.

This comes as part of the company’s plan to expand its business volume to get and redevelop more real estates in downtown Cairo, Shafei further added.

“We are looking to develop nearly 11 heritage real estates in downtown Cairo within the next three years,” he said.

Also, Ismaelia is seeking to obtain a loan of 150 million Egyptian pounds ($8.3 million) to develop the heritage properties in downtown Cairo, Shafei said.

Founded in 2008, Al Ismaelia is a real estate development firm that focuses on acquiring and renovating prime properties in downtown Cairo with the aim of revitalising the historic neighborhood and celebrating its unique, organic, and urban framework.

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