Egyptian property developer IWAN eyes higher investments this year

Egyptian property developer IWAN Development plans to pump 2 billion Egyptian pounds ($126 million) into its projects during 2020, said chief executive Walid Mokhtar on Sunday.

Last year, the company had injected 1.5 billion pounds, Mokhtar added.

IWAN seeks to start executing its fully-fledged housing flagship – Majada – in Ain Sokhna on an area of 101 feddans within 2020, he told Amwal Al Ghad.

The project is environmentally-friendly, having a built-up area of 13.5 percent only, Mokhtar said.

“We intend to participate in two real estate exhibitions, one in Dubai at the end of this month and another in Saudi Arabia by early February, to market our project Majada,” Mokhtar said.

IWAN is also working on the designs of its new project in New Cairo, implemented in cooperation with New Urban Communities Authority on an area of 100 feddans.

Since inception 15 years ago, IWAN has built seven residential compounds, on an area of ​​more than 886,000 square metres in Egypt, including Jira, Jawar, Atrium, Alma, and lastly Axis in 6th of October City.