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Contrack Urban Development and CMD Real Estate Development signed a strategic alliance to implement various projects with a total investment of about EGP 4 billion. The alliance also announced the launch of its first project, YARU Compound in the New Administrative Capital, with investments exceeding EGP 2 billion.
Wael Zeben, co-founder and CEO of CMD, said that signing the contract with Kontrack comes within the framework of the company’s expansion plan in the real estate market and entering into its various activities, whether real estate development, contracting, infrastructure projects and real estate marketing.
He added that the (YARU Compound) project is the first work of the new alliance, which is a residential, commercial, administrative and hotel project with an area of 37 acres, and includes 1,577 units, including 1,464 housing units, including 48 hotel rooms and 34 commercial units.
He explained that Kontrack and CMD are among the largest companies operating in the Egyptian real estate market and have long experience in various fields, as Kontrack owns 10 subsidiaries in the fields of real estate development, contracting, infrastructure and real estate marketing.
CMD is affiliated with 6 companies in different fields, and the signing of an alliance between the two entities is a major event that will generate an entity capable of changing the map of the real estate market as a whole and occupying the first place and providing a unique, innovative and unconventional real estate product added to the real estate market.
Zain said that we aim to implement huge merger and acquisition deals in the real estate market, and implement a number of giant real estate projects in the New Administrative Capital, New Cairo and New Alamein, adding that the expected investment cost of the project is estimated at 2 billion pounds, and the target sales value exceeds 3 billion pounds.
He continued: (YARU Compound) is the first step of the alliance in the real estate market and a plan to implement a large package of various projects in the new administrative capital in line with the state’s development plans and based on the future of the capital, which will be an investment destination for the world.