A plan to pump fresh investments in the Egyptian market, OUD's Khamis
Owner and chairperson of Orientals for Urban Development Mohamed Mohamed Farid Khamis said that measures taken recently by the Egyptian state will help regulate the real estate sector and will drive half-hearted developers with no experience or vision to leave the market.
Khamis upped own stake in Oriental Weavers to 22.831%
Khamis said that President Abd El Fattah El Sisi's directive disallowing developers to market or sell units unless no less than 30% constructions are finalized is intended to protect rights of citizens and preserve investments of serious companies.
"As regards the manufacturing sector, the state supports all stakeholders and the market is open to all and there is a chance to reap higher profits."
New Investments
Khamis is set to inject fresh investments in the Egyptian market in manufacturing, real estate, agriculture and tourism development
In manufacturing, the Egyptian businessman's stake in Oriental Weavers for Carpets, founded by pioneer of the Egyptian industry late father Mohamed Farid Khamis, shot up from 142.2mln share, equivalent to 21.373%, to 151.9mln share, equivalent to 22.831%, according to disclosure statement of Oriental Weavers for Carpets.
In both property and tourism sectors, Mohamed Mohamed Farid Khamis owns OUD which is a subsidiary of Oriental Weavers with up to USD3.1bn investments in the Egyptian market.
OUD has USD3.1bn investments and a land portfolio of 47mln sqm
Orientals for Urban Development
OUD executed up to 25 projects in sectors as varied as housing, services, tourism, manufacturing and agriculture. The company has a land portfolio totaling 47mln sqm, as the construction and delivery of up to 15,000 housing units are underway. Of these units, there are 3000 hotel apartments and 500 commercial units.
The company has handed over 9800 residences and upscale units, together with 1500 manufacturing units.
OUD's projects spread across the country, as it spearheaded a drive to develop the New Urban Communities. It carried out Yasmeen Neighborhood in 10th of Ramadan City, Al Nakheel Suburb and El Nakheel Park in El Shorouk City, Fountain Park in New Cairo, Barron City and Barron Royal Towers in Kattamia, Corba Royal Residence in Misr El Gedida, Heliopolis Hills in Obour City, as the construction of Jnoub in the New Administrative Capital and Azdir in 5th Settlement is underway.
As regards coastal and hospitality projects, OUD executed Marina Gate in North Coast and La Playa Alamein. Also, the company is going ahead with developing Oriental Coast, the largest integrated city in Marsa Alam that spans an area of 5.5mln sqm and comprises multiple phases, including Las Cabanas and Matinga, along with the 5-star Hotelux with 350 hotel apartments.
Orientals for Industrial Development is developing Orientals Industrial City in Ain Sokhna, spanning an area of 10mln sqm. Additionally, OUD owns Nature Delight, a pioneering project in agricultural development, as it consists of Angels Valley Farm in Ismailia City spreading over 840 acres, Suez Farm in East Suez over 6592 acres, Ramses Farm in Ismailia City over 525 acres and citrus export station in Angels Valley.
