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Saudi-Egyptian developer Al Tameer Arabian, the leading real estate development company, is planning to launch its third project in New Administrative Capital, with EGP 1 Bln investments.
Ahmed Osama: Al Tameer Arabian total investments to exceed EGP 5 Bln after launching our New Rivan Tower project in New Administrative Capital, by March 2021.
On the sideline with its ambitious expanding plan in Egypt’s real estate market, Al Tameer Arabian Developments plans to launch its third project Rivan Tower, by March with EGP 1 Bln investments.
Ahmed Osama, head of the commercial sector at Al Tameer Arabian Developments said that “The company acquired a plot of land with a selling area of 8.6 thousand square meters in the Down Town area in the New Administrative Capital to launch its third project after "Rivan" residential and tourist projects and "Rivan Square" commercial.
Osama explained that the investments of the new "Rivan Tower" project amount to one billion Egyptian pounds. The project includes various activities that include commercial and administrative units, and for the first time in the Downtown area, Rivan Towers include hotel apartments, the product that distinguished the company with its projects in the New Administrative Capital.
The head of the commercial sector added that “ the company had contracted the DMA Engineering Consulting Office, an international leading engineering expertise houses, to lay down the engineering designs and supervise the implementation of the project, aiming to provide a unique real estate product that matches the market requirements and is compatible with the purchasing power of those interested in investment and housing.”
Osama added that "Al-Tameer-Arabian" aims to achieve EGP 500 Million contractual sales revenues with its latest projects, "Rivan Towers", by the current year within the company's marketing plan for the project, in addition to starting construction work and implementation during the third quarter of the current year.
Osama pointed out that the expansion plans of Al-Tameer-Arabian Company, the Saudi investment with joint Egyptian experience in new projects in the New Administrative Capital, reflects the company's confidence in the investment climate that the Egyptian government provides to investors and contributes to attracting foreign investments to be pumped into national projects that stimulate foreign investors to search for new opportunities in The Egyptian Market.
Osama pointed out that Al-Tameer Arabian has set an expansion plan in the Egyptian market, especially in the projects that the state develops to be a participant in the development work and to pump huge investments within a period of two years, so that the company's investments in the New Administrative Capital will rise to EGP 5 billion, besides other expansion plans that the company is targeting in North Coast, Which will be announced in the coming period.
From his part, Osama praised the role of the New Administrative Capital Company (NAC) for the way of dealing with developers during such conditions that the real estate market is going through, especially in the Covid19 crisis, easing the burdens on it, and preparing the environment for companies to work in light of those exceptional situations caused by the pandemic, which enabled the leading real estate developments companies in the construction and development field to work during that period and complete their projects according to an accurate time frame.
“Altameer Arabian” is establishing a bridge of precious dependability, based upon our large experience in the real estate development field, in addition to our coalition with the major companies and local, international, and global consultancy firms through our companies in Saudi Arabia and the United Arab Emirates that released our new vision of creating a paradigm shift in the real estate development in Egypt.
© Press Release 2021
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