Real Estate Witnessing Unprecedented Growth in 2020

Abdelfattah Mousa

In the presence of Dr. Mustafa Madbouly, Prime Minister

City Edge Developments signs three memoranda of understanding with international companies for facility management ,  retail marketing and operations and entertainment services in the New Alamein City

Minister of Housing: The Ministry has taken care of the"forgotten duty" of managing and maintaining real estate and projects that are being currently implemented at a high level.

French company "Engie" and "Contrack"for facility management, "Majid Al-Futtaim" to manage and market the mall and "The Village Beirut" to operate the entertainment area

Today, Dr. Mustafa Madbouly, Egyptian Prime Minister, witnessed the signing ceremony of three memoranda of understanding between City Edge RealEstate Development, the national developer of Egypt,  and a number of international and national companies, with the aim of providing various services to customers and visitors of New Alamein.

Attending the signing ceremony, at the headquarters of the Council of Ministers, was Dr. Assem El-Gazzar, Minister of Housing and UrbanCommunities and Dr. Hassan Ghanem, Chairman of City Edge Developments.Representing the three counter signatory companies were  Mr. Benjamin Petteau Chairman of Engie, a global leader inproperty and facility management, Mr. Osama Beshai CEO of Contrack, Mr. Alain Bejjani Group CEO of Majid Al Futtaim, one of the leading shopping mall, communities, retail and leisure pioneers in the region and finally Mr. Marwan Ayoub, Chairman of  the famous Lebanese hospitality company TheVillage.

Following the signing, Dr. Assem El-Gazzar, Minister of Housing,Utilities and Urban Communities, confirmed that the Ministry of Housing was represented by City Edge Developments, as one of the companies, owned with a majority share, by the New Urban Communities Authority , in the  three memoranda of understanding that were signed today.  In that regard, he noted that Ministry was taking constructive steps towards what he termed the"forgotten duty" of the issue of management and maintenance of real estate and projects that are being implemented at a distinct level. It is for this reason, City Edge Developments, under the Ministry’s guidance, is performing an important role  which is an integral part of the urban process. Maintenance and management are significant issues that ensure the level of service that we aspire to provide , and this agreement marks the beginning of a new phase of work, reflecting interest in the forgotten duty, in the field of developing services that the New Urban Communities Authority undertakes, through the companies that participate in and cooperate with them.

According to the Minister the first memorandum represents an agreement between City Edge Developments, Engie and Contarck, one of the subsidiaries of Orascom Construction, on the establishment of a joint company with the aim of providing property and facility management services for NewAlamein projects. The second memorandum of understanding, with Majid Al Futtaim, covers the management, sale and marketing of New Alamein commercial mall, the first phase of which is expected to open in summer 2020.  Finally, the third memorandum, with theVillage, foresees the management of the entertainment area in New Alamein within the framework of developing New Alamein into an attractive tourist destination.

Commenting on this event Eng. Hassan Ghanem, Chairman  of City Edge Developments  said “these three memoranda represent an effective and positive step towards the implementation of the government’s vision of creating new and integrated urban communities in Egypt” adding that “there is no doubt that the cooperation with international expertise will facilitate the achievement of this vision to the utmost standards”. He continued explaining that City Edge Developments was and will continue to be keen to cooperate through these agreements with distinguished and specialized companies that have a long history in the irrespective fields and that; City Edge Developments was keen on gaining the experience that will be provided by working with partners from diverse backgrounds on a global, local and regional level. This especially in light of the magnitude and complexity of the new projects being developed , such as theAlamein Towers, which will require another level of service. Hassan Ghanem added that the aim of promoting New Alamein City as a year round first home destination, mandates a quality of service that is in line with the significance and uniqueness of the City. As such  the agreement between Contrack and Engie represents a positive first step in the transfer of knowledge that will allow us to attain the level of service we aspire to .

The signing of the second and third memorandum of agreements are in alignment with this philosophy ,according to Ghanem. The entertainment and services industry are significant aspart of lifestyle requirements and as such the establishment of the mall, on an area of ​​55 thousand square meters , with the first phase opening duringsummer 2020 and the provision of entertainment services are a significant stepin the right direction.

Osama Beshay, CEO of Contrack , a subsidiary of Orascom ConstructionCompany, pointed out that the company, which has over 20 years’ experience, is keen to maintain and maximize the value of investments through periodic maintenance in various properties by improving energy consumption and preserving the environment in New Alamein City. In the same context, the CEO of Contrack, expressed his pride in dealing with City Edge Developments and theMinistry of Housing, Utilities and Urban Communities, adding that the generalization of that experience is sure to be followed by a great success in the long run.

For his part, Alain Bajani, CEO of Majid Al Futtaim Group, stressed the company’s pride in participating in this initiative adding that the provision of services to international standards is a strategic step  that will be attractive to residents and tourists to the New Alamein City.  Headded , that the project is a step from Majid Al Futtaim to open new investments for the company in Egypt, after the opening of the Almaza CityCenter Mall.

About City Edge Developments: City Edge is Egypt’s National leading real estate developer and development manager. A company launched in 2017 between New Urban Communities Authority (NUCA) -Ministry of Housing and the Housing & Development Bank (HDBK.CA) with aCapital of EGP 2 Billion. The company develops and manages the development of premium real estate projects all over Egypt that spans across many asset classes that includes, but is not limited to, residential, hospitality, retail, office and education. Awarded “the Fastest Growing Real Estate Developer inEgypt”, City Edge Developments has successfully launched over 10 projects in various parts of the country since its launch.

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