PACT To Invest LE 1.7bln In Egyptian Real Estate Over 10 Years

PACT Real Estate Group, a newly established enterprise that entered the Egyptian market in 2014, announced its intent to invest approximately EGP 1.7bn over the coming 10 years.

The real estate company will focus on “new destinations for new generations”, whereby “PACT with a groundbreaking vision for a new era of homes is centred around the smart housing concept”, an official statement from the company read.

Concerning its most recent projects, the company started last month in collaboration with RedCon contractors its “flagship” project in Sidi Heneish on the North Coast, under the name of White Bay.

The project is also in collaboration with worldwide information technology IT leader CISCO, and will be providing smart homes solutions.

In partnership with the National Bank of Egypt (NBE), the company will finance another project, also named White Bay, in Ain Sokhna. This will require total investments worth EGP 65m and is to be launched in 2016.

PACT is targeting to leave its footprints in distinct areas in the country, outside of Cairo and Alexandria.

PACT President Mohamed Gamal said: “Our management team uniquely understands the needs of the modern family whilst anticipating for their future aspirations. By studying new destinations within Egypt we provide new choices for Egyptians and are currently looking at opportunities in distinguished areas of Egypt. Each of our projects will see an investment of, on average, EGP 400m-EGP 700m, opening up as many as 1,000 new job opportunities per project, offering substantial opportunities for growth in the industry.”

PACT will also soon announce new projects to be located in the areas of Ain Sokhna and New Cairo.

Source: Daily News Egypt