By Hamed Mahmoud
Arqa Development Group (ADG) has started construction of its 5 billion Egyptian pounds I-Business Park project in the New Administrative Capital (NAC), the company’s CEO said.
Ahmed Gamal, Arqa Development Group CEO told The Egyptian Gazettenewspaper, I-Business Park project includes 2,200 units for offices, clinics and stores.
He further explained that the project is self-financed and the company doesn’t plan to borrow from banks. The company pumping 1.2 billion Egyptian pounds into the project this year.
He revealed that his company intends to launch new project within the coming six months. He also disclosed that Arqa’s next project in the NAC is a commercial project.
CEO of the company Ahmed Gamal said that the company has launched the project for sale in August 2020, added that the project’s sales during the first five months of its launch recorded one billion pounds.
“The state supports real estate investment. Moreover, the state itself entered the field and became a strong competitor, which encourgaes investment inside Egypt through a group of new cities, which gave great popularity to urban development inside Egypt,” he diclosed.
For his part, Marketing Manager at ADG Ahmed Ezzat Zeyada said that the company has contracted with Sabbour Consulting and KAD Commercial Property Management Limited to design and manage I-Business Park project.
Zeyada explained that selling commercial units will be through specifying unit activity before contracting to meet recommendations of market studies and opinion polls that we conduct periodically on the company’s customers and investors.