Damac Properties tells The Big Project it has identified Egypt as an “extremely attractive market” and updates us on construction of one of the region’s largest mall projects, Park Avenue in Cairo
Attracted by the “democratic attitude, corporate culture and pro-foreign direct investment (FDI)” nature of Egypt’s government, developer Damac Properties says the country has a lot of development potential.
“Damac Properties views Egypt as an extremely attractive market. It has the largest population in the region, very high tourism numbers and strong, consistent growth. Egypt’s economy is forecast to grow 6% this year, outpacing most other countries in the MENA region,” explains Damac Holding Co senior vice president Niall McLoughlin.
“Egypt is one of the top destinations for investment in the Middle East and ranks just behind Saudi Arabia in terms of investor confidence. Given the location, the growth and the government’s commitment to FDI, it is easy to see why so many investors are looking to Egypt to achieve the growth levels they have previously experienced in more traditional markets,” he continues.
Egypt’s economy is forecast to grow an estimated 6% this year, outpacing most other countries in MENA”
Among the developer’s projects underway in the GCC, is the Park Avenue mall project in Cairo. The first construction contract was awarded by developer to The Egyptian Engineering and Trading Company (SIAC) in September, with works commencing soon after. The high-end retail destination will be among the biggest mall project in the Middle East, featuring more than 1700 shops.
To be completed in three phases, the first phase involves the construction of 309 retail units over a built-up area of 29,206m2. Egyptian Consultants Group (ECG) has been appointed to oversee detailed design and supervision and Arabian Company is the grading contractor.
Initial grading works have finished and SIAC has completed excavation of blocks A and B,” reveals McLoughlin.
“Our commitment to customers — dependant of when they made their purchases — is to handover in quarter one, 2012.
Damac is the master developer for the entire project situated at New Cairo, which includes the Park Avenue shopping district overlooking a central public park, luxury villas at Hyde Park and Centre Ville apartments, inspired by French architecture.
Master developer: Damac Properties
Contractor (phase one): The Egyptian Engineering and Trading Company (SIAC)
Grading contractor: Arabian Company
Design consultant: Egyptian Consultants Group (ECG)
SIAC, which is employed under a 27-month contract to complete phase one, was recently rated as a ‘first-class’ contractor by the Egyptian Federation for Construction and Building Contractors.
“This milestone further displays Damac’s commitment to deliver luxury by partnering with a prominent quality main contractor,” Damac Properties for Development CEO Alaa Ayou said in a statement.
Since Damac Properties was established in 2002, the firm has rapidly expanded operations into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.
Having already delivered more than 3500 units into the local market, the company is expected to have handed over approximately 7100 by mid-2011 across the GCC.
Currently it has around 12,500 units under construction spanning the region, according to the company.