Abu Dhabi's Imkan acquires 67ha plot in Egypt's New Cairo District

Real estate developer Imkan – the company working on Nudra, Sheikha Fatima Park,and Thanaya in Abu Dhabi – and has acquired a 67ha plot for a residential district in Egypt’s New Cairo District through an agreement valued at $302m (AED1.1bn), with Ahmed Fathallah named chief executive officer of Imkan Misr, the Egyptian arm of its real estate business, which CEO Walid El-Hindi stating the developments underscore “the positive direction Egypt’s real estate industry is moving towards”.

The agreement was signed under the Egyptian government’s new initiative for land allocation, announced by Minister of Housing, Essam El-Gazzar, which allows for land plots to be allocated directly to investors.

Imkan’s agreement was finalised in five days, which the company said in a statement is the shortest period required by Egyptian law.