Egypt’s Emtelak eyes $675mn investments returns for its projects

Egyptian real estate developer Emtelak is expected to achieve investments returns of 6 billion Egyptian pounds ($675mn) for the projects that will be implemented during the upcoming phase, its managing director Ziad El Emam said Monday.

The project will be carried out using self funding, partnership system and contractual sales as the result of the difficulty of relying on banking funding and mortgage, El Emam added.

He told Amwal Al Ghad that these projects include carrying out a tourist hotel project in Ain Sokhna, around 120 kilometres (74.5 miles) east of Cairo over a land plot of 120 feddans with investment cost nearing 1.6 billion Egyptian pounds ($180.2 million).

The project will be carried out under the private-public-partnership system (PPP) in cooperation with one of the property developers, El Emam added.

On the other hand, Emtelak is planning to implement a commercial administrative project in Sheikh Zayed city over 30 feddans owned by the company. It’s mulling also the execution of a housing project in New Cairo over 250 feddans.