Egypt’s construction firm Al-Marasem International for Development, an affiliate of Saudi Binladin Group, has launched its new flagship Capital Gate in New Cairo, said chairman Tarek Helmy on Sunday.
Founded in 1997, Al-Marasem Development started its businesses in Egypt as a construction company for a big real estate project in New Cairo during the period from from 1997 to 2007.
New Cairo city is located on the southeastern edge of Cairo governorate, 25km (15.5 miles) from Maadi. It was established in 2000 by presidential decree No. 191,
The fully-fledged residential project, which is with initial investments of around 12.5 billion Egyptian pounds ($707.4 million) and target revenues of 14 billion pounds, will be executed over 97 feddans, Helmy further added.
“The project will encompass a commercial part as well as 87 buildings, including about 25,000 various housing units,” the Egyptian official further stated, adding that his company also launched a new bundle of other projects.
Moreover, Helmy referred that his company executed a major share in a number of projects, notably the development a building at Cairo International Airport as well as other works in the airports of Sharm El Sheikh and Hurghada, besides El Nouzha International Airport in Alexandial.
“The company is set to participate in implementing a new national project within the upcoming period,” Helmy noted.
Asked about the company’s more projects, Helmy clarified that Al-Marasem launched Fifth Square Compound in New Cairo over 158 feddans during August 2017.
The company targets sales by 200 percent from Fifth Square within a three-month timeframe, he stated, highlighting that Al-Marasem also hopes to launch its third project in Ras Sedr city, 200km (142.3 miles) from Cairo, within 2019.