Moukhtar Ibrahim eyes 800 mln pounds sales from its first property investment project

Egypt’s construction firm Moukhtar Ibrahim says it targets total sales worth 800 million Egyptian pounds ($45.4 million) from its new residential flagship in Obour City.

The new project, the company’s business debut in the real estate investment sector, is established over 55,000 square metres.

Mohamed Alkhatib, Deputy Chairman of Financial and Administrative Affairs and Director at Moukhtar Ibrahim, said Tuesday that his company will start the construction works within the current month.

“We plan to implement the project within three years, with investments nearing one billion pounds,” Alkhatib further added.

The Egyptian official further added that Moukhtar Ibrahim achieved business volume of 2.5 billion pounds at the end of June 2017, with revenues totalling 3 billion pounds.

“The company seeks to double the business volume to four billion pounds in 2018,” Alkhatib concluded.