ARCO says to invest multi-billion pounds in Egypt property market in 5yrs

Real estate developer ARCO is planning to pump investments worth up to 32 billion Egyptian pounds ($1.8 billion) into the Egyptian real estate market in the next 8 years, its chief executive announced Thursday.

Since inception, ARCO invested around 5 billion pounds into various projects in New Cairo, Sheikh Zayed City, and Sixth of October City, executive manager Ayman Ibrahim added.

“We are planning to carry out 30,000 residential units spanning over various spaces in the coming five years,” Ibrahim said at a press conference on the occasion of launching ARCO’s new sales centre in the presence of Housing Minister Mostafa Madbouly.

“ARCO is seeking to expand locally and regionally in the upcoming period by signing contracts with Gulf real estate marketing firms,” he added.

ARCO has a real estate portfolio of about 6 million square metres, with 2.5 million of that have been already developed and delivered to clients, Ibrahim stated.

Al Arabia Real Estate and Development – ARCO, is part of Citystars Properties Group.