Ontario Developments announces a Saudi-Egyptian partnership with investments exceeding EGP 5.6 bln
By Eman Hamed
Ontario Developments announced a Saudi-Egyptian partnership with the United Arab Company, with investments of EGP 5.6 bln in the Egyptian market over the next five years.
Eng. Mahmoud Hamed, Executive Director of Ontario Developments, said that the company intends to expand in the Egyptian market during the next phase through its new strategic partnership with the Saudi partner.
Pointing out that the company launched the last phase of the “Maple business complex” in the New Administrative Capital, at EGP 550mln investments.
He added that the project is administrative, commercial, and medical on an area of 2,680 square meters, consists of 12 floors in addition to 4 basements, and is scheduled to be completed during 2026.
Maple Business Complex is located in a privileged location within the Downtown area, which is one of the most vital areas in the New Administrative Capital.
He pointed out that his company believes in the importance of adhering to quality standards, caring for preserving the environment, and shifting towards sustainable construction, especially in light of Egypt’s recent hosting of the COP27 climate summit, which showed the world the importance of taking the environmental dimension into account to preserve the economy, people, and the future of the earth.
Pointing out that the project includes a garage with a mechanical system for cars and automatic doors, as well as panoramic elevators, explaining that technology has been implemented in the design work to reduce the use of electricity, in addition to providing it with modern fire-fighting systems, in addition to taking into account the state’s policy in the process of recycling waste and water.
Dr. Tariq Helal Ashour, Chairman of the United Arab Network for Contracting and Real Estate Development, and a member of the Board of Directors of the Ontario Developments, said that the strength of historical relations between the Arab Republic of Egypt and the Kingdom of Saudi Arabia has always been the biggest catalyst for establishing joint investments in various fields.
He added that the boom in Egypt in the infrastructure, real estate and major industrial projects encouraged his company to enter the Egyptian market strongly, stressing that choosing the strategic partner, Ontario Developments, came because of the company’s good reputation in the market, as well as its ambitious plan during the coming period.
He stressed that the Egyptian market has become one of the strongest markets that attract investment in the region, especially after the great interest of the political leadership and the Egyptian government in overcoming the obstacles facing investors and making every effort to advance investment and attract more investments in various sectors.
Pointing out that investment in the real estate sector in Egypt is the most attractive to investors in the current period, especially after the crises the world went through, during which it proved that it is able to face challenges and even remains the safest investment.
For his part, Bassam Saeed, head of the sales sector in the company, confirmed that Ontario Developments relies on non-traditional sales strategies that enable it to meet the needs of customers and provide flexible payment systems.
Bassam Saeed praised the efforts of the Egyptian state to support investors, especially in the real estate sector, as it is one of the most important sectors contributing to the gross domestic product and dozens of supporting industries are linked to it.
He emphasized that the competition in the real estate sector at the present time is strong, especially in the New Administrative Capital, but a good product and developer that is committed to designs and delivery dates is able to compete steadily in the ranks of adults.