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Tuesday, January 23, 2024

Main Marks invests EGP 12bn in MORAY project at New Cairo

Main Marks Developments announced the launch of its new project, MORAY, in New Cairo over 16.5 feddans, with investments exceeding EGP 12bn. The project has targeted sales of approximately EGP 34bn, in accordance with the company’s strategy to expand and diversify its investment portfolio.

Main Marks Developments is a real estate company with an Egyptian-Emirati partnership. It is an alliance of three Egyptian strategic partners, including WEALTH Real Estate Developments, an Egyptian company with more than 20 years of experience in the field of real estate development, and HTD Properties, an Egyptian real estate development company with giant real estate projects in New Cairo. In addition, Al Hayat Construction and Development Company is an Egyptian company with experience in the field of real estate development for about 20 years. Besides, an Emirati partner, which is the Emirati Rawabi Alain is one of the largest real estate development companies in the UAE, which has developed about 150 projects in the UAE. 

George Ghanem, CEO of Main Marks Developments, stated in a press conference on Sunday that MORAY is a mixed-use project, comprising serviced units, and commercial, administrative, and medical projects with total targeted sales worth approximately EGP 34bn. It is an integrated project that provides all spaces for multinational companies.

The project also provides commercial units for sale with advance rental contracts for the most prominent international brands in various sectors, such as international restaurants, banks, pharmacies, and the most important international fashion houses, in addition to the presence of an area designated for clinics, cosmetic treatment centres, and dental clinics, with the presence of an international company to manage medical properties within the project. Accordingly, the company has agreed with Retaj Hotels & Hospitality, which is a Qatari real estate and hospitality company and is considered one of the best international project management companies. It manages more than 100 projects around the world to ensure the preservation of the project and provide added value to it over time, in addition to providing ideal investment opportunities in the field of real estate for those wishing to invest. 

The company pledges to deliver the first phase of this ambitious project within only 3 years. Arkan Consultant is the general consultant for the project. ARC 5 Studio is the project consultant and an international Emirati company is undertaking construction. 

Main Marks Developments will direct EGP 850m into construction this year 2024.

 Mohamed Almansoori chairperson of Emirati company Rawabi Al Ain, and one of the investors in Main Marks Developments, said, “I am proud to enter the Egyptian real estate market, especially since it is a leading market and a golden opportunity for investment. Egypt now provides a fruitful and stable investment environment, which makes it attractive to Emirati and international investors alike.”

James Mackreides
James Mackreides
'Mac' is a short tempered former helicopter pilot , now a writer based in Sofia, Bulgaria. Loves dogs, the outdoors and staying far away from the ocean.

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