UK-based Innovo Group, formerly known as Al Shafar Group, is set to launch two new real estate projects in Egypt this year, according to Mohamed Gamal, Managing Director of Innovo Egypt.
The company’s real estate development arm, Sky Innovo Developments, will begin construction on its debut project in the Egyptian market, Park Street Edition, immediately following the Eid al-Fitr holiday. Located in New Cairo, the project carries a construction cost of EGP 7bn.
Gamal described Park Street Edition as a mixed-use development that integrates residential, commercial, and administrative spaces with a focus on wellness and sustainability. The project spans a land area of 20,000 square meters, with a total built-up area of 65,000 square meters. It marks Innovo’s first foray into real estate development in Egypt, a move that aligns with the group’s broader expansion strategy both locally and internationally.
Speaking during a company press conference, Gamal highlighted Innovo Egypt’s ambitious plans for growth in the real estate sector, citing Egypt’s stable economic climate and attractive investment environment as key drivers behind its decision to deepen its presence in the country.
Innovo’s business footprint in Egypt has already surpassed EGP 42bn, with operations covering construction, infrastructure, real estate development, project financing, management, and strategic investments. The company has delivered numerous high-profile projects for both the public and private sectors. These include contracts with the New Urban Communities Authority and the Urban Development Fund, as well as 12 developments for Emaar Misr.
Gamal also revealed that Innovo is exploring opportunities to participate in construction work for the Ras El-Hekma development, a mega project along Egypt’s North Coast.
As part of its broader diversification strategy, Innovo is planning to enter new sectors in Egypt, including data centers and the industrial sector. The company is currently studying multiple opportunities to undertake infrastructure and interior fit-out work for data center projects, as well as assess potential investments in industrial developments.
In line with global sustainability trends, Innovo has also intensified its focus on environmentally responsible building practices. In late March, the company announced a strategic partnership with the Egypt Green Building Council (EGBC) to promote sustainable development across the real estate and construction sectors. This collaboration is aimed at advancing energy-efficient construction techniques, reducing carbon emissions, and enhancing the overall sustainability of urban development projects in Egypt.
