White Eagle Development signed a partnership agreement with the Emirate’s Perfect Way with total investments approaching EGP 5bn as part of the company’s plan to expand and maximise its assets in the Egyptian market.
Chairperson of White Eagle Development Ahmed Gebili said the Emirati partnership is the first among a group of local and international partnerships, adding that the company is starting the partnership by launching its real estate project Darvell in the New Administrative Capital (NAC) with investments close to EGP 800m.
Gebili added that the company is also preparing to launch another project in the NAC with investments worth approximately EGP 1.2bn.
He noted that the company began increasing its portfolio of lands in the cities of New Cairo, the NAC, Sheikh Zayed, Sixth of October City, and New Alamein with a total of 100,000 sqm in 2023, pointing out that the company is studying the launch of recreational real estate projects in the North Coast and New Alamein.
He also praised the real estate market in Egypt and the Egyptian government’s openness to supporting real estate investment and all types of investment, in addition to giving investors investment incentives, reducing government red tape, and opening new real estate strategic mechanisms by establishing cities and preparing infrastructure.
For his part, the company’s CEO Ahmed Hendi stated that the Darvell project comprises 10-floor commercial, administrative, and medical properties on an area of 2,500 sqm with investments worth EGP 800m, adding that the project is located near the gold market and encompasses 175 units.
Hendi also noted that the company intends to begin construction on the project early next year and plans to complete it in 2025, revealing that the increase in the construction cost of projects by 30% will lead to an increase in the prices of real estate units that will be offered in the future by 20% compared to the projects offered at the beginning of 2022.
