Misr Italia Properties, a leading real estate developer owned by Egyptian businessmen Hany and Khaled El Assal, has announced plans to invest EGP1.50 billion ($77.3 million) in a new phase of its sprawling Cairo residential project.
The firm’s decision to invest $77 million in the new phase of its 13-feddan (5.46 hectare) project will solidify its leadership position in the Egyptian real estate sector.
El Assal, CEO and managing director of Misr Italia Properties, said the project will be completed in 2023.
Misr Italia Properties is the real estate subsidiary of the much larger Misr Italia Holding, which manages investments in the real estate, tourism, facility management, furniture, and decoration sectors.
Misr Italia Properties reported total sales of EGP4.2 billion ($216.3 million) in the first half of 2022, representing a 58-percent increase over the EGP2.66 billion ($137 million) that it reported in the comparable period of 2021, in line with its sales target of EGP7.5 billion ($386.2 million) this year.
Under the leadership of Hany and Khaled El Assal, who founded Misr Italia Holding more than four decades ago, the real estate firm has been involved in 25 large-scale projects.
These projects include New Cairo, the new administrative capital, Sixth of October City, Ain Sokhna, Ras Sudr, North Coast, El Shorouk, and Tenth of Ramadan City, with a total land bank of 7.1 million square meters.
Misr Italia Holding ranked 99th in Forbes’ list of the top 100 Arab family businesses this year, alongside other North African businesses such as Mansour Group, O Capital Group, Cevital Hassan Allam Group, and the Khamis family’s Orientals Group.
