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Seven Egyptian state firms to launch property portfolio at year-end

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Egypt’s state-run seven real estate development firms are planning to launch a property portfolio worth 13 billion Egyptian pounds ($728.1 million) at the end of this year, a source in one of these firms said on Saturday.

This portfolio will encompass the implementation of new residential and services flagships in Alexandria and Ismailia governorates as well as New Cairo and New Capital cities, besides Zahraa Al Maadi area, the source said.

The seven firms, which are operating in the public sector, include Heliopolis for Housing and Development, Maadi for Development and Reconstruction, Hassan Allam, El Nasr Housing and Development, and El Shams for Housing and Development, he added.

“It’s scheduled to start marketing these projects for clients in the local market within next September,” the source said, adding that the works are to comprise a bunch of various housing units, hotel towers, and villas.

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