El Shams Housing eyes businesses up to 400mn Egyptian pounds by end-2018

Egypt’s state-run El Shams for Housing and Development Company says it is planning to increase its businesses to 400 million Egyptian pounds ($22.1 million) at the end of 2018.

The businesses will be boosted as a part of the company’s expansion scheme in the local market.

Mahmoud Maghawry, chairman of El Shams, said Wednesday that his company also targets achieving total business turnover worth 300 million pounds at the end of 2017.

“We compete for buying new land plots in New Cairo and Sixth of October cities,” Maghawry noted.

The Egyptian official further added that El Shams seeks to attain more 100 feddans in New Cairo, where the company negotiates with the country’s New Urban Communities Authority (NUCA) in order to build a mega residential project.