By: Mahmoud Hammad
Hisham Shokry, Chairman of Rooya Group for Real Estate Investment, stated that the company is about to obtain all necessary licenses to establish a touristic project adjacent to the renowned Telal North Coast compound. The company is also underway to start a real estate project on Al Hadaba area in 6thOctober city with initial investments valued at LE 300 million.
In an interview with MEO, Shokry added that land policies in Egypt need reconsideration whether for residential, touristic or industrial projects. Land is currently viewed in Egypt as a product to be sold to the highest bidder, whereas, actually it is no more than “raw material”.
Further on, Shokry pointed out that the company already completed the procedure of offering around 30 per cent of its shares in the stock exchange over the first semester of the current year.
Could you tell us more about “Rooya” Group?
Rooya Group for Real Estate Investment was established in 2007. It consists of 13 subsidiary companies and its capital is estimated at LE 2 billion. In March 2015, Pioneers Holding Company acquired 60 per cent of Rooya’s shares and two funds took part in its investments.
Rooya possesses a portfolio of 9 million m2 lands, of which 6 million m2 are currently being developed and 3 million m2 are still virgin.
What are the company’s potential projects?
The company is about to launch a real estate project on Al Hadaba area in 6thOctober city with initial investments of LE 300 million. The project is composed of 160 units ranging from villas to luxury housing, over a 140,000 meters area; construction operations is expected to start within days.
Additionally, the company is about to obtain the required licenses to establish a touristic project adjacent to the renown Telal North Coast compound on the Mediterranean. Moreover, the company is finalizing paperwork to initiate construction of the administrative and commercial buildings of its “Stone House” project in New Cairo, by the end of this year, with investments worth LE9 billion. This project will include villas of different sizes.