Dar Al Alamia Developments, a subsidiary of the Dar Al Alamia Holding, has revealed its intention to launch its first real estate projects in East Cairo during the coming period, with a business volume of EGP 5bn in the next three years.
Ahmed Saleh, CEO and Vice-Chairperson of the company, said, “Egypt enjoys enormous human and natural resources, which confirms its ability to achieve the desired economic growth. We strongly support these efforts through an integrated package of products and services, whose design and implementation depend on the best technological operating systems, which will help Egypt achieve sustainable development goals for the economic sectors.”
Saleh’s remarks came during an event to celebrate the 50th anniversary of Al Alamia Elite Furniture in the Egyptian market, another subsidiary of Dar Al Alamia Holding.
He added, “Today, we celebrate the 50th anniversary of the establishment of the Al Alamia Elite Furniture, during which we provided innovative and high-quality products that meet the requirements and tastes of all our customers from individuals or the government sector.”
According to Saleh, the company’s strategy during the current year aims to purchase a group of high-tech equipment, to increase the volume of work, in line with market requirements, retain skilled workers in handicraft industries, and expand market research to find out new requirements firsthand.
He added that since 2010, the company has entered the field of construction and building, making his company one of the fastest growing private sector companies in the construction sector in Egypt.
The company has also cooperated with a number of consultants, including Hussein Sabbour, the Consulting Engineers Group, Shaker Consulting Group, and the office of Dr. Ayman Moselhi. It has built four colleges at El Galala University with a total area of 60,000 square metres, the main building of the Arab Organization for Industrialization, four administrative buildings and the headquarters of Banque Misr in the New Administrative Capital with a total area of 70,000 square metres, and 100 villas in the R1 and R2 residential projects in the New Capital.
Saleh ruled out using bank loans to finance the company’s projects at the present time.
He told Daily News Egypt that the company relies on its shareholders to finance its projects; however, they may resort to borrowing from banks when needed.
