By Hamed Mahmoud
The Al-Wefaq Developments, a pioneering real estate developer and one of El-Shabrawy Group, announced that it has contracted with a number of major consulting firms in the Egyptian real estate market, foremost among which is Itqan Marketing, ACE Moharram Bakhoum, and MRB Company for Commercial Facilities Management to manage commercial facilities.
Engineer Mohamed El-Shabrawy, CEO of Al-Wefaq, unveiled during a press conference his company’s tendency to contract with international companies to benefit from its expertise and to seize the best investment opportunities in the real estate market.
El-Shabrawy referred to the contract with MRB Company and ACE Company – Moharram Bakhoum to manage and operate the Ver Capital project and develop an operational strategy to ensure raising the investment value of the project.
Run on an area of 3.800 metre, the Ver capital is a medical, administrative, commercial project with investments amounting to about LE300 million, and consists of 10 upper floors, a ground floor, and two floors dedicated to the garage, he said, adding the project is located in the most distinct areas of the New Administrative Capital and serves the government district, which includes the headquarters of 34 ministries, the Cabinet and the House of Deputies building.
The project is also steps away from the Gold Market, the Petroleum Complex, the Tourist Walk, and the Manorel Station, and near the Green River, the People’s Square and the Mosque of Egypt.
Eng. Moustafa El-Shabrawy, Vice Chairman of the Company’s Board of Directors, confirmed that the entry of the New Administrative Capital came after a thorough study of the real estate market and the promising investment opportunities offered by the fourth generation cities.
For his part, Basem El-Sherbiny, CEO of Itqan Marketing, the financial and marketing consultant for Al-Wefaq, said that the Egyptian real estate market needs more serious and distinguished companies that target innovation and offer a different real estate product that is able to compete in a rapidly growing market.