Misr Italia Holding Announces Board of Directors Restructuring

Misr Italia Holding has announced the Financial Regulatory Authority’s (FRA) approval for restructuring its Board of Directors. The newly constituted Board includes Mr. Khaled Mohamed Ibrahim El Assal as Non-Executive Chairman، while Eng. Mohamed Khaled El Assal retains his position as Chief Executive Officer (CEO) and Managing Director.

Strategic changes

These strategic changes are part of Misr Italia Holding's commitment to enhancing corporate governance frameworks، thereby reinforcing its investment objectives and boosting investor confidence. Furthermore، these adjustments are poised to sustain the delivery of top-quality services to clients، solidifying “Misr Italia Properties” (MIP) position as a leading national economic entity and a real estate frontrunner.

Concurrently، the General Authority for Investment and Free Zones (GAFI) has approved changes to the boards of directors for Misr Italia Holding’s subsidiaries، including 5 companies; Misr Italia for Real Estate Investment، Misr Italia for Urban Development، Misr Italia Red Sea for Tourism Projects، Middle East Ras El Hekma for Tourism Investment، and Misr Italia for Construction and Development. The restructuring welcomes Mr. Khaled Mohamed Ibrahim El Assal as Non-Executive Chairman. Eng. Mohamed Khaled El Assal retains his position as CEO and Managing Director، joined by Mr. Karim El Assal in the same capacity as CEO and Managing Director.

The revised board configuration aims to drive the ongoing growth of the company's diverse portfolio of residential، commercial، administrative، and service projects across key real estate development regions، including East Cairo، the North Coast – Ras El Hekma، and Ain Sokhna، in addition to expanding in West Cairo. This restructuring ensures the timely delivery of units to customers while upholding exceptional standards of post-sales service.

Significant progress

Misr Italia Properties (MIP) reports significant progress across its development portfolio. Within the New Administrative Capital، both Il Bosco and Vinci projects are on track، with deliveries of 580 and 480 units planned for this year، respectively. Additionally، Misr Italia Properties is making significant progress on Il Bosco City in New Cairo، ensuring on-time delivery of the first phase this year. The handover of the final 60 units in Kai Sokhna's first phase is also expected soon. Furthermore، Misr Italia has secured a major construction investment of 1.3 Bn partnership with Redcon Construction for Solare Ras El Hekma، ensuring exceptional quality and adherence to the development timeline.

Misr Italia Properties boasts a substantial land bank spanning 7.1 million square meters، encompassing 25 projects across primary real estate development hubs. Since its establishment in 1995 until the end of June 2024، the company has invested over EGP 155 billion، delivering 5،155 units and three commercial centers. In 2024، the company aims to achieve sales of EGP 25 billion، surpassing the previous year's target by 56.5%.