One of the Largest Real Estate Projects in Egypt
Mohamed A. Abdulsalam, CEO of MENA Holding, talks about one of the largest real estate projects in Egypt.
imported 2024-03-17 17:43:07
Mohamed A. Abdulsalam, CEO of MENA Holding, talks about one of the largest real estate projects in Egypt.
MENA Holding was established in 1991. Currently, it has a capital of 66 million Kuwaiti Dinar. We have a diverse portfolio, which includes real estate development, contracting, family entertainment, industrial sector, logistics, agriculture and fisheries. Recently, we expanded into the area of food and beverage sector.
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I think net yields generally vary between 5% to 8%. But the targets are generally between 15% to 20%. That is very achievable. You wouldn’t want to come with a lower IRR. You are putting in so much money, but the yields are between 5% to 8%. Why the IRRs are high is because the capital growth is still very strong. Economic growth is still pretty aggressive at 5.5%. So, there is a lot of growth in the market.
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“The announcement of the increase of SECON’s capital and the launching of these three projects simultaneously with Egypt Economic Development Conference (EEDC) has a very important message to both local and international investors about the current atmosphere in Egypt.”
Dr. Bader al Saedan, CEO of Al Saedan Real Estate, states, “This is the current state of the market. The sector continues to be very vibrant and growing.” Al Saedan, being an international company with projects in Saudi Arabia, Tunisia, and the UK, sees the changes in the market quite satisfying. Dr. Bader continues, “Residential area and land prices are steady.”
Mena Capital’s image of quality and their focus on the needs of the Lebanese market have helped them overcome the political and economical hardships in the real estate sector.
The envrionments in the MENA region are very unpredictable. Investors in this region need to be well-informed to what is going on in the market, especially in Lebanon and Iraq.
Mena Capital established itself as one of the greatest real estate development companies in Lebanon about eight years ago. Sky Gate is just one of the projects that separates Mena Capital from other companies.