Egypt’s Mokhtar Ibrahim plans two major residential projects in 2017

Egypt’s Contracting Company – Mokhtar Ibrahim is planning to launch two residential projects at total costs exceeding one billion Egyptian pounds (US$55.7 million) in Obour and El Nozha districts in 2017.

Mohamed Alkhatib, Deputy Chairman of Financial and Administrative Affairs and Director, told Amwal Al Ghad on Wednesday that his company is bracing to strongly enter into the Egyptian real estate investment market. The company is currently conducting studies on the two projects, he added.

Mokhtar Ibrahim owns 17,000 metres in El Nozha and 55,000 metres in Obour, Alkhatib stated.

“We are seeking to expand into establishing comprehensive residential projects as well as doubling our profits by making use of more lands in 2017.” Alkhatib said.

According to a plan to cooperate with National Company for Construction and Development, Mokhtar Ibrahim plans to develop its portfolio of lands by launching new investment projects and selling shares to finance the company, Alkhatib further referred.

Egypt’s leading construction firm, Mokhtar Ibrahim, is an Egyptian-based investment company with active interests in the real estate business and prosperities in Egypt and abroad.