IMKAN Misr announced the completion of its capital increase in the Egyptian market from EGP 881 million to EGP 2.56 billion, following the approval of the company’s extraordinary general assembly in December last year. The capital increase was finalized by issuing new shares for existing shareholders, with total investments amounting to EGP 1.68 billion during the last week of 2024.
IMKAN Misr, the owner and developer of the “Alburouj” project in New Heliopolis, covers a total area of approximately 3 million square meters. IMKAN Misr is part of “IMKAN Properties”, a company that owns a portfolio of 26 global projects across two continents, covering 25 million square meters, reflecting its commitment to providing innovative urban solutions and high-end real estate services that meet the needs of investors.
IMKAN Misr follows an ambitious strategy aimed at enhancing its position in the Egyptian real estate market while expanding into regional and international markets. This strategy aligns with the overall direction of its parent company, IMKAN Properties, which is diversifying its investment portfolio across various real estate sectors, including residential, hospitality, healthcare, education, facility management, and real estate technology. Through this integrated approach, IMKAN Misr aims to offer innovative urban solutions that meet the needs of investors and clients, with a focus on sustainability and quality.
The recent capital increase is part of the company’s strategy to strengthen its sustainable growth and expand its presence in the Egyptian market. This will enable IMKAN Misr to seize more investment opportunities both locally and internationally, in addition to securing new contracts to support its plans for developing integrated urban projects according to the highest global standards.
Eng. Ahmad Aref, CEO of IMKAN Misr, expressed his happiness with the successful capital increase, saying: “This step reflects shareholder confidence in the company’s vision and future strategy.”
He added, “As part of IMKAN Properties’ regional growth plans, the parent company is supporting IMKAN Misr through the capital increase, which will enhance its competitiveness in the Egyptian market and open up new opportunities in the Gulf markets, in line with the government’s direction to promote real estate exports and strengthen Egypt’s position as a regional investment hub.”
He also pointed out the company’s significant success in attracting large foreign investments since the launch of Alburouj project in New Heliopolis, which was IMKAN Misr’s first project in 2016. The project offers high standards of living and luxury within a fully integrated residential community that meets clients’ aspirations. The project is vibrant, fully ready for occupancy, and always welcomes new owners. He confirmed that the project represents a distinctive and valuable addition to the Egyptian real estate market, reflecting the company’s commitment to providing high-end housing solutions that meet both local and global market needs.
As part of its ongoing efforts to accelerate the progress of the project, the company has recently started executing several residential units distributed across key parcels, with construction already underway in the following parcels: Parcel 1.3B with 120 units, Parcel 3.8 with 220 units, Parcel 1.17 with 391 units, and Parcel 2.4 with 232 units. This accelerates the project’s timeline and contributes to delivering new units to the market with the highest standards of quality and adherence to the target schedule.
In the latter part of 2024, the company signed several strategic agreements, including one with Forward Construction to direct new investments toward the development of three residential areas, comprising 348 fully serviced units and green spaces, spanning over 192,000 square meters. The company also entered into a contract with Global Energy for the implementation of the third phase of the project’s infrastructure, with investments totaling EGP 445 million.
It is noteworthy that Alburouj project is a vibrant, integrated residential community housing approximately 3,500 residents, with numbers continually increasing. The project is located in New Heliopolis, just 15 minutes from the New Administrative Capital and 20 minutes from the Fifth Settlement and Heliopolis. Designed with the latest sustainability standards and smart technologies, its infrastructure includes advanced systems for energy and water resource management. Additionally, the project boasts expansive green spaces covering 80% of its total area, creating a comprehensive environment that combines comfort, quality, and sustainability.
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