The UAE company Al-Fahad Holding for Real Estate Investment plans to establish a new company in Egypt called KAFCO to operate in real estate development with a paid-up capital of EGP 50m, according to Samir Abdul Hamid, the Financial and Administration Manager.
According to Abdul Hamid, his company allocated new investments to be pumped into the Egyptian market. However, he refused to specify the value, as it is liable to increase based on the available opportunities.
Abdul Hamid told Daily News Egypt that the Egyptian market has significant growth expectancy due to the volume of consumption and demand, which the company is currently considering investing in to compensate for the saturation of the real estate market in the UAE.
He added that the National Bank of Abu Dhabi announced that it will provide funding for investors willing to invest in Egypt at a rate of 70% for buyers of residential units, compared to 60%, which is the rate of financing in the UAE. This is aimed to encourage investment in Egypt.
He said that Al-Fahad’s business is worth more than AED 1bn in the UAE, pointing out that the Egyptian market has growth opportunities that can compensate for the saturation in the UAE, since consumption in Egypt is bigger and stronger, especially in the number of units sold.
