Brouq Developments announced its plan to expand in the Egyptian market and launch a new package of real estate projects in the coming five years in support of the state’s plans for urban development.
Ibrahim Al-Sayed Ibrahim — Managing Director and CEO of Brouq Developments — said that the company has great confidence in the Egyptian market, which is considered the best market in the Middle East and enjoys very competitive and promising investment opportunities, in addition to the stability of the economic, political, and security conditions in Egypt, making it the best investment destination in the coming years.
Ibrahim added that the company has prepared an ambitious plan to expand investment in the Egyptian market to take advantage of available opportunities as well as support the state’s plans for urban development and to transfer its expertise from working abroad to the local market.
He elaborated that the company aims to launch more than 10 new projects in the coming five years with total investments worth more than EGP 10bn, whether in the New Administrative Capital (NAC), New Cairo, North Coast, or Ain Sokhna. Additionally, the company is studying a package of investment opportunities in Upper Egypt and the Delta.
The company emerged from an alliance between three of the largest companies operating in the Arabian Gulf — namely Qhsp, a Qatari company; Alfada, an Emirati company; and NBS Holdings. Moreover, the alliance has close to 30 years of experience in the real estate industry, during which it has developed about 100 projects ranging from residential, commercial, recreational, and towers in the UAE, Oman, Qatar, Morocco, and London with investments amounting to $5bn with a total area of about 1,000 acres, according to Ibrahim.
He explained that the alliance recently launched a new project in Morocco over 560 feddans for housing, entertainment, tourism, and education properties. It is an integrated project with an investment cost of €4bn.
He stressed that the company launched its first investments in the Egyptian market in 2018 and has an investment portfolio worth approximately EGP 2bn, which includes Spark Capital Insight project. Spanning over 8,000 sqm, the project comprises commercial, administrative, medical units in the MU23 area of the NAC.
Furthermore, the company’s investment portfolio also includes a new project in New Cairo, which is a residential and commercial development on an area of 19.3 feddans in a prime location near the American University in Cairo, he concluded.
