Imkan development plans for New Cairo look
Abu Dhabi real estate developer Imkan has big plans for its newly acquired Dh1.1 billion 166-acre plot in New Cairo in Egypt, with its upscale real estate projects looking to cater to up to 5,000 residents.
The wholly-owned subsidiary of Abu Dhabi Capital Group recently entered into an agreement with the Egyptian government over the next five years for the land plot, further adding to its Egyptian business portfolio alongside its projects in the UAE and Morocco.
“As a company, we have decided on a strategic level that our expansion plans will include Egypt … Once we were offered the property, we quickly studied it and went back to the Egyptian government and said we were interested. It was a very smooth and transparent process,” said Walid El Hindi, chief executive officer of Imkan.