Egyptian magnate Waleed Zaki’s firm takes first step in $712-million project in New Cairo

Pioneers Properties for Urban Development (Pioneers Properties), a leading real estate developer spearheaded by Egyptian businessman Waleed Zaki, has launched the first phase of its ambitious EGP20 billion ($712 million) IVOIRE East project in New Cairo.

Situated on the 90th South Road, just minutes away from the American University in New Cairo, the project spans an expansive 438,000 square meters with an estimated investment cost of EGP22 billion ($712 million).

The IVOIRE East project is envisioned to house more than 1,000 families, boasting an array of luxurious villas and duplexes alongside commercial and administrative areas. In line with Pioneers Properties’ commitment to job creation, the development is expected to generate both direct and indirect employment opportunities.

Zaki, managing director and CEO of Pioneers Properties for Urban Development, affirmed, “This project aligns with Pioneers’ strategic vision to expand its real estate footprint, seizing new investment opportunities and enhancing its land bank. With the addition of IVOIRE East, our total land portfolio now exceeds 12 million square meters, all strategically positioned in prime locations.”

Furthermore, Pioneers Properties disclosed achieving total contracted sales of EGP8.4 billion ($272 million) since the start of 2024 across various projects in East and West Cairo. The company intends to roll out new phases in its projects in Ain Sokhna and North Coast throughout the year.

Pioneers Properties, a subsidiary of Aspire Capital Holding, a diversified Egyptian group, has experienced substantial growth in both real estate and financial markets under the leadership of Zaki. Former founder and chairman of Pioneers Holding Company, Zaki played a pivotal role in the company’s expansion into Middle Eastern financial markets, including the United Arab Emirates and Saudi Arabia.

In 2023, Pioneers Properties executed a strategic move by selling shares valued at EGP235.1 million ($7.6 million) in United Company for Housing and Development, one of Egypt’s longstanding players in the real estate sector.

This transaction, involving the sale of 45.29 million shares at an average price of EGP5.19 ($0.168) per share, resulted in a reduction of Pioneers Properties’ stake in United Company for Housing and Development from 35.06 percent to 17.74 percent, exemplifying the developer’s commitment to unlocking value from its investments.