Cairo – IMKAN Misr has signed agreements with Forward Construction and Global Energy for Alburouj project at a combined investment value exceeding EGP 2 billion, according to a press release.

With a total investment of approximately EGP 1.60 billion, the deal with Forward construction includes building three new residential areas within Alburouj project, which is considered one of the biggest integrated residential communities in New Heliopolis.

The development will span 192,073 square metres with a built-up area of 86,892 square metres to include 348 residential units of twin houses, townhouses, and standalone villas. The timeframe, meanwhile, ranges from 22 to 24 months.

CEO of IMKAN Misr, Ahmed Aref, noted that the contract with Forward Construction is part of IMKAN's plan to offer integrated urban products in line with the highest international standards for Alburouj project where the pace of daily life has doubled for more than 1,200 families currently residing in the project.

The real estate developer also entered into an agreement with Global Energy to implement the third phase of the infrastructure of Alburouj. Under the deal of approximately EGP 445 million investment, the company will carry out the implementation of 3 kilometres of roads and approximately 44 kilometres of medium-voltage cables over a period of 16 months.

IMKAN Misr has teamed up with Forward Construction Global Energy due to “the companies' extensive experience and successful track record in construction and infrastructure implementation, which contributed to their success in winning the public tender issued by the company, where the largest contracting and infrastructure companies competed after submitting the best offers,” according to Aref.

Meanwhile, the CEO stated that the UAE parent company plans to increase the capital of IMKAN Misr and open new markets in the Gulf Arab states.

It is worth noting that Alburouj is the first project of IMKAN Misr in 2016. The development is characterised by advanced infrastructure that is compatible with the latest technology systems for managing energy and water resources in a rational manner, with green spaces accounting for 80% of the project's area.

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