ICEC

Egypt’s Hassan Allam targets 2.4bn pounds returns from two projects this year

Egypt’s state-run construction firm Hassan Allam says it targets investment returns of 2.4 billion Egyptian pounds ($135.7 million) from two real estate flagships within 2017.

The projects, located in Cairo and Alexandria, were launched at a total cost worth more than 1.3 billion pounds.

Atef Barbary, Hassan Allam’s Managing Director for Financial Affairs, said Sunday that his company nears to launch its first real estate project in Mohandessin district over eight feddans.

Barbary stated that Hasan Allan also seeks to start executing the project’s construction works within the two coming months, at a cost totalling 600 million pounds.

Hassan Allam’s expansion scheme in real estate investment area aims to boost the company’s land portfolio and double the business volume in the Egyptian market, he concluded.

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