Egyptian Developers announces the launch of its latest project, Attracta, in El Shorouk city, as part of its plan to expand its investment portfolio to EGP 20bn within five years. This initiative aligns with the company’s ambitious strategy to seize the best investment opportunities and offer them to its clients.
The project was officially unveiled during a grand press conference attended by a distinguished group of journalists and media professionals.
Abdel Rahman Abu Zeid, Founder and Chairperson of Egyptian Developers, stated that the project is strategically located in a prime area of El Shorouk city. It is situated on Gamal Abdel Nasser Axis and the Eastern Front Road at the third entrance of El Shorouk City, directly facing Al-Farouq Mosque.
Abu Zeid said that the development enjoys a prime position at the intersection of three main streets at the entrance of Shorouk 3. It is also just five minutes away from the LRT station, three minutes from the Suez Road, one minute from the Ismailia Desert Road, and a few minutes from both Madinaty and New Administrative Capital.
He highlighted the importance of choosing a strategic and distinctive location that enhances the investment value of the project and provides the highest return on investment for clients. The project spans 13,000 sqm, with a ground floor and four additional floors.
The project is a mixed-use development, combining commercial, administrative, medical, and recreational spaces, creating a fully integrated mall. The company aims to present it as a model project designed to fulfill the diverse needs and aspirations of its clients. It will offer a variety of spaces, ranging from 30 sqm to 600 sqm, to accommodate different customer requirements.
He also pointed out that construction is planned to begin within three months of customer occupancy, with delivery scheduled to take place three years after the contract. Additionally, the company has partnered with several distinguished success partners to execute a model project that meets clients’ expectations and adds value to mixed-use developments in Shorouk City.
He disclosed that the company aims to increase its total investment portfolio to EGP 20bn within the first five years of its operations. This investment will include a diversified portfolio covering both investment activities and the regions where the company operates, with the company’s total land bank ranging between 40,000 to 60,000 sqm.
Dr. Makhlouf Abd Rabo, CEO of Egyptian Developers, stated that the company has entered into agreements with InCommercial for management and operations, MH Architects for engineering consultancy, as well as Maap and Setra. These reputable entities are collaborating on various aspects to guarantee the successful development of a comprehensive, top-tier project.
He explained that Egyptian Developers is launching this new project while also accelerating the construction rates of its ongoing developments. In Jaya Business Complex project, the company has successfully increased the construction pace, with more than 80% of the project already sold. Furthermore, Jaya East Mall El Shorouk is 90% complete, with finishing works in progress, and over 80% of the units have been sold. More than 60% of Jaya Mark Mall El Shorouk, the second phase of Jaya East, has also been sold.
Abd Rabo noted that the company plans to invest EGP 1bn in the construction of its projects this year, with all developments being funded through self-financing. Additionally, the company intends to expand into new regions, particularly North Coast and Ain Sokhna, to diversify its investment portfolio and better align with the needs and expectations of its clients.
“Egyptian Developers is targeting EGP 3bn in sales from its projects this year, in line with the launch of its newest project and the continued release of new phases in its existing developments,” he disclosed. “Offering the right real estate product for targeted client ensures the best sales, based on solid market studies.”
For his part, Mohamed Mohy, founder of InComercial, stated that his company will handle the management and operation of the Attracta project, leveraging its extensive experience to ensure optimal performance.
Mohy explained that the partnership between the project’s management, operation, and design will lead to a flexible architectural layout that minimizes operational challenges. This approach aligns with Egyptian Developers’ focus on meticulous attention to detail, guaranteeing the project meets the highest standards and specifications.
Architectural consultant Dr. Mohamed Hendawi, founder and chairman of MH Architects said that the collaboration with Egyptian Developers enhances his company’s strong track record, as they share the same vision and focus on innovation and precision in executing engineering projects.
Hendawi emphasized that his company always strives to offer consulting solutions that ensure the highest standards of quality and safety, and is committed to providing comprehensive engineering consultations aimed at achieving excellence in design and execution, guaranteeing the project’s success and fulfillment of its objectives.
Ahmed Farouk, CEO of Maap, stated that his company is responsible for the design and electromechanical consulting of the Attracta project. This is part of their commitment to providing innovative and effective solutions that align with the latest global standards to ensure high-quality performance and sustainability in the project’s electrical and mechanical systems.
Farouk highlighted that his company strives to achieve the highest levels of efficiency and integration between all engineering systems, which enhances the success of the project and meets the expectations of all stakeholders.
Mohamed Shoukry technical president and founder of Setra Contracting commented that his company is responsible for the full implementation of the electromechanical works for the Attracta project.
Setra relies on the latest global technologies to ensure the highest performance and efficiency in building operations, drawing on its extensive experience in executing major projects in the UAE and Saudi Arabia. Setra is providing advanced engineering solutions for this project to ensure safe and sustainable operation of the building, Shoukry concluded.
