Zodiac Development Holding Group recently announced the acquisition of Capital Gate Development (CGD) as part of Zodiac’s plans to expand and direct more investments into the Egyptian market.
Chairperson of Zodiac Development Hassan Hassanein said that the company is very confident in the strength of Egypt’s real estate sector, especially the New Administrative Capital (NAC).
Hassanein added that his company has acquired CGD to increase the volume of its business and investments in the local market and in support of the state’s plans and efforts to expand urbanely and launch fourth-generation cities.
He pointed out that Zodiac is currently developing two projects in the NAC through its two projects — Mizar and Mizar 2 — in the city’s Downtown area.
He further noted that the NAC is still at the top of investment destinations in the Middle East and enjoys very promising investment opportunities, especially with the government moving to its new headquarters in the government district.
For his part, Zodiac’s CCO Ahmed Fares said the company has managed to sell 80% of Mizar and Mizar 2’s projects units, pointing out that the company is keen to choose a distinguished site for its projects after extensive studies of the future of investments in the region.
He noted that the Downtown area is the best investment area in the NAC, and it is expected to witness more launches and developments next year.
Meanwhile, Mohamed Hefnawy — Zodiac Development’s Marketing Director — stated that the real estate sector remains the best investment and is safer and more stable than other economic sectors, especially in light of the repercussions of the global economic crisis on various markets of the world.
