Introduction
Egyptian real estate giant Tatweer Misr is gearing up for an ambitious phase of growth, with plans to secure bank loans ranging between EGP 2 billion and EGP 3 billion. This move comes as the company looks to fund its ongoing construction projects and support its broader expansion plans, both domestically and internationally.
Securing Funding for Project Development
According to Ahmed Shalaby, CEO of Tatweer Misr, the financing will primarily be allocated to construction works for the company’s existing projects. These projects are part of a larger strategy to enhance the company’s footprint in the real estate sector. The loans will provide the necessary capital to ensure the timely development and completion of these ventures, which are expected to attract significant attention from both local and international buyers.
International Expansion into Saudi Arabia
In addition to its domestic projects, Tatweer Misr is setting its sights on the Saudi Arabian real estate market. Shalaby revealed that the company is actively exploring the implementation of four new investment projects in Saudi Arabia, with potential partnerships involving government entities or private companies. This marks a strategic shift as Tatweer Misr looks to expand beyond Egypt's borders and tap into the lucrative real estate market of Saudi Arabia.
New Real Estate Project in Riyadh
Tatweer Misr's expansion into Saudi Arabia is set to begin with the launch of its first real estate project in Riyadh, the capital city. This project will be developed in partnership with Naif Alrajhi Investment, a prominent player in the Saudi real estate sector. The collaboration signifies Tatweer Misr’s commitment to establishing a strong presence in the Gulf region, leveraging local partnerships to ensure the success of its ventures.
Strong Sales Performance and Year-End Targets
Tatweer Misr has already demonstrated robust sales performance in 2024, achieving contractual sales of EGP 21 billion since the beginning of the year. The company is aiming to close the year with EGP 32 billion in total sales, a target that reflects its strong market position and the growing demand for its real estate offerings.
Significant Investment in Construction Works
As part of its broader development strategy, Tatweer Misr plans to invest EGP 10 billion in the construction of its ongoing projects by the end of 2024. This significant investment underscores the company’s commitment to delivering high-quality real estate developments that meet the needs of its growing client base.
