Engineer Mohamed Allam, Chairman of Mazaia Real Estate Development, announced the company's rapid execution rates for its projects in the New Administrative Capital. Currently, four mixed-use projects are underway in the Downtown area, adhering to precise timelines and approved execution plans, ensuring full compliance with delivery dates.
Allam explained that the company adopts a balanced policy in launching its new projects, focusing on not affecting the rights of existing customers. It also aims for precise management of cash flows and contracts with contracting companies, ensuring the preservation of customer investments and achieving the highest levels of security.
Event Details
Mazaia has succeeded in maintaining a rapid construction pace with high quality compared to many projects launched at the same time. Allam confirmed that the company's strategic goal is to be among the first companies ready for actual operation as soon as the utilities are completed.
Regarding project details, Allam pointed out that the “The Rock” commercial administrative project, built on an area of 2,630 square meters with investments amounting to approximately 1.2 billion Egyptian pounds, is witnessing significant progress in finishing stages. Work on plastering and painting continues, alongside the completion of marble and glass facades, reflecting the nearing completion of internal works according to the specified timeline.
He also clarified that the “Gymnai Red” commercial administrative project, built on an area of 2,400 square meters (ground + 15 repeated floors) with investments exceeding 1.5 billion Egyptian pounds, has seen the completion of the pouring of verticals and ceilings from the third to the fifth floors. Construction work on the upper floors continues at a regular pace, supporting the rapid execution of the project according to the targeted plan.
In the same context, he noted that construction works are ongoing at the “Gymnai Blue” administrative commercial project, where the basement and the first basement ceiling are currently being executed, with the ceiling of the basement poured and metal and carpentry works completed. The execution of the ground floor verticals has also begun, reflecting clear progress in the basic construction stages of the project.
He indicated that the “Norm Spaces” administrative commercial medical project, located in the MU23 area, has already begun its first stages of execution. The leveling of the project land has been completed, and excavation works have commenced in preparation for the start of construction works.
Background & Context
The New Administrative Capital is one of the massive projects aimed at developing infrastructure in Egypt and providing a comprehensive residential and commercial environment. This area has witnessed significant interest from real estate companies, reflecting the state's direction towards enhancing investments in the real estate sector.
The Egyptian government seeks to attract more foreign and local investments by providing a conducive business environment, contributing to economic growth. Mazaia Real Estate Development is considered one of the leading companies in this field, striving to deliver innovative projects that meet market needs.
Impact & Consequences
Achieving rapid execution rates in projects in the New Administrative Capital reflects the commitment of companies to meet market needs, enhancing trust between investors and customers. These projects also provide new job opportunities and contribute to improving the standard of living in the area.
These projects are also an opportunity to boost economic growth in Egypt, as they contribute to attracting investments and providing a suitable business environment. This underscores the importance of the real estate sector as one of the main drivers of the Egyptian economy.
Regional Significance
The New Administrative Capital serves as a model in the Arab region, as many countries seek to develop similar projects to enhance economic growth and improve living standards. The success of these projects can encourage other countries to invest in infrastructure and develop new cities.
Moreover, these projects reflect the ability of Arab countries to achieve sustainable development through investment in the real estate sector, contributing to improving the quality of life for citizens.
Allam concluded his statements by affirming that the progress the company achieves comes despite the challenges faced in the Downtown area. Mazaia has managed to maintain strong execution rates thanks to its commitment to quality, while continuing its expansion plan and focusing on delivering projects ready for actual operation.