Misr Italia to invest EGP 40B in hotel, commercial projects over 6 years
Updated 9/8/2024 6:54:00 AM
Arab Finance: Misr Italia Properties plans to invest EGP 40 billion over the next six years to expand its hotel, commercial, and administrative projects, representing 30% of its total investments, CEO Mohamed Elassal told Asharq Business.
As part of its expansion, Misr Italia plans to build six hotels on the North Coast, with an investment of EGP 26 billion and a capacity of 600 rooms, Elassal said.
Elassal highlighted the company’s shift towards non-residential projects is not driven by concerns over a real estate bubble but rather by the potential demand for residential units in Egypt.
He also noted that the company’s sales reached EGP 15 billion in the first eight months of this year and are expected to hit EGP 25 billion by year-end, up from EGP 15 billion last year.
Around 30% of these sales come from Egyptians abroad, particularly in Gulf countries, with a focus on North Coast and administrative projects, Elassal added.
Established in 1998, the company has developed 13 real estate projects across Greater Cairo, Ain Sokhna, and the North Coast, serving around 13,000 clients.
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