Moukhtar Ibrahim eyes EGP 3.6 bln returns from two projects

Egypt’s state-run construction firm, Moukhtar Ibrahim says it targets around 3.6 billion Egyptian pounds ($201.3 million) in investment returns from two residential projects within the next three years.

The two projects are located in east region of Cairo and in Damietta City, 200 km (120 miles) north of Cairo, on a total space of 475,000 square metres, said the company’s deputy chairman for financial and administrative affairs Mohamed Zaghloul on Saturday.

“The flagships will encompass carrying out services works, including commercial malls and a hospital along with hotel towers to be built in Damietta,” Zaghloul told Amwal Al Ghad.

Moukhtar Ibrahim owns a giant bundle of land plots designed for real estate investments, Zaghloul said, expecting the company will achieve an increase in investment returns within the upcoming period.