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CMD Development signs one of the largest strategic alliances in the real estate market with Qontrac at an investment target exceeding EGP 4 bn, Invest-Gate reports.
Both companies will launch their first project, YARU Compound, in the New Administrative Capital (NAC) at a total investment cost of EGP 2 bn.
Wael Zain, CEO of CMD Development, says that YARU Compound is the first work of the new alliance. YARU Compound is a residential, commercial, administrative, and hospitality project. The compound spans over 37 acres, featuring 1,577 units, including 1,464 residential units, 48 hotel rooms, and 34 commercial units.
Zain adds that CMD and Contrack are leading companies in the real estate market in Egypt. He notes that the alliance eyes implementing mergers and acquisitions, in addition to executing mega projects in the NAC, New Cairo, and New Alamein at a total investment value of EGP 2 bn and with targeted sales of EGP 3 bn.