- Local real estate firm announces 10-year plan
- Focus will be on tourism projects on the north coast
- Egypt real estate market continues to show signs of growth
The local Pact Real Estate Group says it plans to develop $217m-worth of projects in the next 10 years.
In a company statement, the firm confirmed a plan that involves building tourism and residential developments across Egypt, with a particular focus on the north coast near the second-biggest city of Alexandria.
Work has already started on the companys flagship project, White Bay, which is a mixed-use development on the north coast. The main construction contract was awarded to the local Redcon Construction earlier this year.
Pact has also signed an agreement with the National Bank of Egypt to finance a tourism project in Ain Sokhna, according to a company statement.
Egypts real estate market has been buoyant since the investment conference held in Sharm el-Sheikh in March, with several tourism projects announced in recent months.
A statement from USbased JLL in June says the growing confidence in the Egyptian economy in general and the real estate market in particular has resulted in a number of major investment projects with the backing of Arab governments from the GCC.