Egyptian tycoon Hassan Allam’s group buys prime land in Mostakbal City for $740 million
Hassan Allam Holding, led by Egyptian businessman Hassan Allam, has secured a new land plot at Mostakbal City, a burgeoning real estate hub in East Cairo. The acquisition, valued at EGP35 billion ($740 million), underscores the company’s commitment to expansion and innovation in the sector.
The latest acquisition, spanning 279 feddan (approximately 290 acres), was facilitated by Hassan Allam Properties, the real estate and property development arm of Hassan Allam Holding. This transaction not only bolsters the group’s position in East Cairo but also solidifies its foothold in one of Egypt’s rapidly evolving real estate markets.
The newly acquired land will serve as the canvas for a dynamic mixed-use development, featuring a diverse array of residential options ranging from single-family homes to multifamily dwellings. Beyond residential offerings, the development will incorporate commercial spaces, catering to various lifestyle preferences and fostering a well-integrated community environment.
Hassan Allam Properties CEO hails ongoing partnership with MIDAR in Mostakbal City expansion
Mohamed Allam, CEO of Hassan Allam Properties, expressed his enthusiasm for the collaboration, stating, “We are delighted to partner with MIDAR for the third time at Mostakbal City. This collaboration reflects our strategic vision, underlining our dedication to expanding our land assets and geographical footprint.” He further emphasized the longstanding partnership with MIDAR, highlighting their joint commitment to driving innovation and excellence in the real estate sector.
The land acquisition underscores the successful synergy between HAP and MIDAR. Previous ventures like Haptown and The Valleys have been triumphs. This latest project extends their shared vision of transforming Mostakbal City into a premier East Cairo destination.
This marks the third collaboration between the two companies in Mostakbal City. Prior projects like Haptown and The Valleys were successfully completed. The joint venture reflects a shared vision for the area’s future development, with an emphasis on innovation and excellence.
Hassan Allam Holding’s decades-long legacy shapes MENA’s infrastructure landscape
Hassan Allam Holding, led by Hassan Allam and his brother Amr Allam, boasts a formidable legacy spanning over eight decades in the engineering, construction, and utilities sectors. With a construction backlog exceeding $3 billion, the privately held corporation has played a pivotal role in driving economic growth across North Africa and the Middle East.
The acquisition at Mostakbal City comes on the heels of Hassan Allam Holding’s recent inauguration of its regional headquarters in Riyadh, Saudi Arabia, signaling its commitment to expansion in the Middle East and North Africa.
Additionally, the group’s contract to construct a $346-million entertainment complex in Saudi Arabia further underscores its prowess in securing high-profile projects, solidifying its status as a leading player in the engineering and construction industry.