Egypt’s Lozan Urban Development Group, the mother company which embraces several Egyptian and Emirati companies, has launched a new entity in an Egyptian-Saudi partnership under the name of “Methaq Development” to develop several distinctive urban projects in Egypt during the coming period with investments of up to EGP 5bn.
Abdullah Al-Amoudi, Regional President of Methaq Development, expressed his happiness at his presence in his second homeland Egypt, and his new partnership with the Lozan Development Group, stressing that as Saudi businessmen they are happy to be present as investors in the land of Mahrousa, especially since Egypt is one of the most important countries that have strong economic relations with the Kingdom of Saudi Arabia.
Al-Amoudi, Regional President of Methaq Development added, “ This new partnership aims to expand the Group’s investments in Egypt in light of the great urban development witnessed by Egypt in all fields under the leadership of President Abdel Fattah El-Sisi, which paves the way for more investment opportunities and increases the opportunities of the Egyptian-Saudi partnership, especially in mega projects such as the New Administrative Capital, and smart cities that are being implemented in various parts of Egypt, supported by the great development in infrastructure, which has made Egypt a magnet for all investments of various nationalities.”
Mr. Adel Abdel Moneim, Chairman of Lozan Urban Development Group, pointed out that this partnership confirms the strength and performance of the Egyptian economy and its ability to attract more foreign and Arab investments, and evidence of the effort exerted by the Egyptian government in the implementation of many national development projects throughout the country.
Adel Abdel Moneim added that the Lozan Group has carried out an extensive study of the market through the needs and requirements of customers in terms of locations, area of units, and services in each project and depends in its strategy on a careful study of the reality and developments of the Egyptian market and then design and implement projects that meet and understand the needs of customers from a safe investment. The company’s strategy is also based on identifying problems and developing solutions to them before planning any project, and this is the secret behind achieving this success, as we also rely on providing a real estate product that keeps pace with the new transformation and urban renaissance supported by the Egyptian state under the directives of President El-Sisi.
“Egyptian real estate market is one of the important and vital sectors in the Egyptian economy and therefore the group aims to attract more foreign investments, especially Arab and African ones, by working on the export of Egyptian real estate abroad, after studying the opening of external headquarters of the group in both Saudi Arabia and the UAE in the coming period. Besides, working to encourage and attract more foreign investments in line with the vision of the state in achieving a strong and sustainable economy.” Mahmoud Zayed, Head of Marketing Sector of Lozan Group said.
source: daily news Egypt