Ghabour, Egyptian investors acquired New City against USD50m
New members joined New City’s board led by Dr. Raouf Ghabour .. Manal Hussien picked as chairman
Ghabbour: We will achieve the difficult equation with an integrated product that matches the consumer’s purchasing power
Hussein: We are looking forward to meeting Egyptians’ needs and carrying out a market expansion
In a deal worth USD 50 million, a group of Egyptian investors including an English investment fund and one of GB Capital companies owned by the Egyptian investor Dr. Raouf Ghabbour, acquired New City for Housing and Development, one of the Orascom Development companies, and Engineer Samih Sawiris.
New City is one of the companies specialized in creating integrated and sustainable cities by building housing units and providing integrated services to citizens.
Businessman Dr. Raouf Ghabbour led the acquisition, as a member of the board of directors and with a group of Egyptian Investors Alliance.
Ghabbour said in a statement that he is looking forward to the success of his new investment in the “New City Development” company, stressing that the company’s promising vision during the coming period will witness providing practical solutions to the problems of the real estate sector at a time when it is witnessing an increasing and continuous demand.
Dr. Ghabbour explained that sales do not equal the volume of investments that are pumped into the sector, because a large part of the supply is not on a par with the purchasing power of the consumer. Providing a real estate product that is compatible with the purchasing power and characterized by integration and diversity, is the difficult equation that New City seeks during the coming period to achieve. Hence, the company will strive to roll out integrated urban communities and sustainable cities.
Ghabbour added that the coming period is work and accomplishment, and all the projects belonging to the company will witness an intensification of the volume of business and the injection of suitable cash flow that achieves this, in order to meet the desires of customers and achieve the vision of the new company that enables it to consolidate its position in the real estate market.
Dr. Manal Hussein, Chairman of the Board of Directors of New City Development, said: “I trust the ability of the new New City team to enhance the position of the company, and I am looking forward to achieving a leap in the market and expanding the company’s projects in different regions and reaching customers throughout the country.”
Dr. Manal Hussein has held various leadership positions for 30 years, including more than 7 years in the real estate sector in Egypt, through the position of Chairman of the Board of Directors of Orascom Development Egypt (ODE), which is the largest subsidiary of “Orascom Development Holding”.
The New City Development Company – formerly Orascom Cooperative Housing – was founded by businessman Samih Sawiris in 2007, with the aim of revolutionizing the Egyptian real estate sector by spreading a culture of sustainable development, raising awareness about integrated ways of life, and conveying a strong message to change the patterns of the traditional real estate industry. Driving the growth of the company to become one of the leading companies in the sector over the years.
The company has launched mega projects among them. Haram City project, which includes 40 thousand residents in the 6th of October City, and Qena Gardens, which provides a new concept for urban development in the center of Qena, Upper Egypt.
New City Development Company has huge investment opportunities represented in a land of 300 acres (1.3 million meters) Square) is available for development, which will feature commercial and retail activities and a potential real estate inventory of up to 12,000 residential units.
New City Development Company is the developer of the Eco Project in 6th of October City, which is an integrated community that seeks to provide a different and new life model for all Egyptians, especially youth. It has all the facilities and services that would create an integrated community, including schools, clinics, places of worship, sports facilities and many other facilities.
