Empire State Developments Eyes EGP 17bln Investment in Cairo’s Real Estate Sector
Empire State Developments (ESD) is evaluating significant real estate projects in east and west Cairo, with plans to invest EGP 17 billion over the coming years. The company is particularly interested in the New Administrative Capital (NAC), which already owns El Centro Mall, as it seeks to capitalise on the area’s high investment potential.
Chairperson Mostafa Mohsen announced that ESD is exploring various investment opportunities across Cairo, emphasising the company’s strategy to choose the best locations for maximum returns. ESD is also active in New Zayed and New Sphinx in west Cairo and is planning to announce a major partnership with a Saudi entity, signalling further expansion.
The real estate sector is a crucial component of Egypt’s economy, contributing 20% of the domestic product and employing 12% of the workforce. With real estate wealth estimated at EGP 10 trillion, the sector remains a stable and attractive investment option, particularly with ongoing developments in smart and sustainable cities like the NAC.
“The partnership between real estate developers in both the Kingdom and Egypt is very fruitful, and the teams have contributed to the success of this cooperation,” Mohsen said. “The company has substantial financial coverage that helps it implement its projects on schedule, in limited quantities depending on customer strategies, and maintains a diversified investment portfolio between real estate shareholding and construction,” he added.
Empire State Developments continues to focus on quality construction and post-occupancy services to enhance property values for its clients, with 30% of its current projects already completed. The company’s commitment to the sector underscores its belief in the long-term growth and stability of Egypt’s real estate market.
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