Al Ahly - Sabbour Developments - Signs a Development Agreement with the Emirati Reportage Properties

 

Al Ahly Sabbour and Reportage Properties to jointly develop “Montenapolene” in Mostakbal City with EGP 12 billion in Expected revenues

Al Ahly - Sabbour Developments, the Egyptian real estate market pioneer and the Emirati Reportage Properties, known for its outstanding large scale mixed-use developments in Dubai and Abu Dhabi signed an agreement to develop a unique real estate project in Mostakbal City, to be built on a total area of 465,000 m2, with EGP 12 billion expected sales.

The agreement was signed by Dr. Tamer Erfan, CEO investment at Al Ahly Sabbour, and Eng. Mostafa Askalany, Regional Director of Reportage Properties, on behalf of Mr. Aref Khoury, President of Reportage Group, and in the presence of Eng. Ahmed Sabbour, CEO of Al Ahly for Real Estate Development – Sabbour.

“Montenapolene” project, inspired by the crowned fashion capital of the world Milan, is designed to reflect the Italian aesthetics on the Egyptian lands. The project is strategically located at El-Mostakbal City in New Cairo, the heart of the eastern urban expansion of Cairo, and in close proximity to phase 1 of the new Administrative Capital, making it directly accessible by the new major roads and transportation infrastructures.

The project features a wide range of innovative residential, commercial and administrative units, with 5500 residential ones, including unique-concept fully finished townhouses, in addition to luxurious apartments ranging from 1 to 4 bedrooms on vast variety of spaces

The agreement was signed under Al Ahly Sabbour’s efforts to contribute to Egypt’s urban development plans and to attract more foreign investments to the Egyptian market. “The unprecedented urban development witnessed in Egypt over the past years, along with the State’s efforts to foster an attractive environment for foreign investments, both instill in us a sense of responsibility to contribute to these ambitious plans and strengthen Egypt’s economic status as a global leader.”

Eng. Ahmed Sabbour commented on the agreement. “It goes without doubt; direct foreign investment is a significant aspect in the economic wellbeing of any country. Thus, Al Ahly Sabbour have always sought to be a supporter for the state in every step. Egypt have taken serious step to facilitate such endeavors, which enabled us to cooperate with many major players who help us develop projects that add more value to the Egyptian real estate market.

Montenapolene at El-Mostakbal city is a true model to a new generation of projects that rise to the level of global competition, with its integrated comprehensive services that ensure a modern, safe and vibrant lifestyle for its inhabitants.” Sabbour concluded.

On his part, President of Reportrage Proprities Mr. Aref Khoury, expressed his delight with this agreement:  “I am extremely pleased to announce our investment in Egypt via Akhbar El-Youm Conference, which i believe is another step in attracting more foreign investments to Egypt. The urban revolution Egypt is witnessing is a true pride not only for Egypt, but for the entire Arab world as well,” Aref emphasized.

“We have seen the efforts of the Egyptian government to stimulate more investors to enter the Egyptian market, which encouraged us to make use of such incredible opportunity.”

Khoury further explained their vision saying: “Reportage Proprieties has ambitious future plans to grow and expand its operating outside the UAE, today’s agreement with Al Ahly Sabbour Developments is a significant step towards achieving this plan.

We are happy to join a market leader such as Al Ahly Sabbour with their distinguished expertise in the real estate sector, a partnership that ensures providing our clients with the highest levels of quality and innovation, and goies in line with Egypt’s urban advancement.”

It is worth noting that Al Ahly Sabbour Development -was the first real estate developer to build projects in Mostakbal City, which are “Green Square” and “L’Avenir”. Al Ahly is currently delivering the first phase of “Green Square” making it the first project to welcome its residents in Mostakbal City.

 Al Ahly Sabbour is known for its focus on creating residential projects that fulfill the needs of our modern time with comprehensive services, along with the utmost care to fulfill its promises in terms of delivery dates and project timelines.

With more than 26 years of experience in the real estate sector, Al Ahly for Real Estate Development - Sabbour has developed 62 projects across Egypt, including residential, administrative, commercial projects, along with touristic projects, sports and social clubs. Al Ahly is serving more than 380000 families in its projects, with a land portfolio of more than 12 million m2.

On the other hand, Reportage Proprieties Group is one of the largest private real estate developers in the UAE. Established in 2014, the company is developing numerous real estate projects in Dubai and Abu Dhabi, with a vision to introduce innovative modernistic real estate solutions at competitive prices in the UAE, and now in Egypt.