By: Abdallah Bedeir
Cairo – Mubasher: Al Arabia Co for Real Estate Development (ARCO) is looking to achieve sales of EGP 3 billion by the end of 2018, the company’s CEO said.
The Cairo-based company is also planning to raise the value of its construction works to EGP 3 billion this year, Ayman Ibrahim told Mubasher.
The leading real estate firm is seeking to implement an integrated project spanning 410 acres in Sheikh Zayed city with around EGP 9 billion in investments, Ibrahim highlighted.
The Egyptian firm has already obtained the land plot of the second phase of its project under the partnership with the New Urban Community Authority (NUCA), he indicated.
ARCO will sign this project at the end of the year and will launch a tender after that between 15 global offices to begin setting the designs, the CEO added.
He also revealed that his company has obtained the approval to deliver its 36-acre project in El Tagammo’ El Khamis, La Fontaine.
La Fontaine features commercial and recreational area, a spa, green spaces, and swimming pools.
He noted further that ARCO has pumped nearly EGP 1 billion into City Stars Al Sahel extending over 743 acres and is set for development within 10 years.
The company is considering to participate in the launch of Al-Alamein, Mansoura, and Aswan, as well as implementing a 100-acre partnership project in the New Administrative Capital, and another 35-acre project in Mostakbal City, Ibrahim said.
He unveiled that the company's portfolio stands at 11 million square metres, in addition to four hotels, including a hotel in Marsa Alam, an under-construction hotel in new Alamein, and two in City Star Coast with 500 rooms.
Earlier this year, ARCO announced it was planning to invest EGP 1.7 billion to complete the construction of its projects in 2018.
Translated by: Mai Ezz El-Din
