Egypt’s real estate developer Memaar Al-Ashraaf has contracted with Etqan Business Development — a financial and marketing consultant — to launch its latest mixed-use commercial projects in New Cairo during the last quarter (4Q) of 2022.
This is being done as part of the company’s plan to expand in the Egyptian market and in support of the state’s plans for urban expansion.
Commenting on the agreement, CEO of Memaar Al-Ashraaf Ahmed Amin Massoud said: “Cooperation with Etqan is not the result of the moment but came after a careful review of the company’s tangible efforts that support us strongly in implementing the company’s strategy for expansion and directing more successful investments.”
He added that the new project is completely commercial and spans 3,500 sqm, with investments amounting to approximately EGP 300m and expected sales of EGP 500m, noting that the project is located in the distinguished Lotus area in New Cairo.
Since 2015, the company has launched hundreds of residential projects, ready-made garment factories, and four service centres in New Cairo. Moreover, Memaar Al-Ashraaf owns 80% of the administrative commercial lands in New Obour City and has developed two malls under trial operation.
For his part, Bassem Al-Sherbiny — CEO of Etqan Business Development — said that Etqan prepared financial studies and marketing strategy for the project in addition to developing a detailed tender plan.
“Etqan provided its services to more than 50 companies in 10 countries and trained 45 teams on marketing and sales to represent a strong addition to the Egyptian market as a whole. Moreover, the company has contributed to the launch of more than 40 new projects with a sales value worth more than EGP 50bn in distinguished areas in the New Administrative Capital,” Al-Sherbiny said.
