Egypt's IMKAN Misr completes $50mln capital increase to support growth plans
Egyptian real estate developer IMKAN Misr has completed a capital increase to 2.56 billion Egyptian pounds ($50 million), up from EGP 881 million ($17 million), following a rights issue that raised EGP 1.68 billion ($33 million) from existing shareholders, CEO Ahmad Aref said.
'This step reflects the shareholders' confidence in the company's long-term strategy,' Aref told Zawya Projects. 'The capital increase will enhance our competitiveness in the Egyptian market and open up new opportunities in the Gulf markets, aligning with the government's efforts to promote real estate exports and position Egypt as a regional investment hub.'
IMKAN Misr is a subsidiary of UAE-based IMKAN Properties, which is owned by Abu Dhabi Capital Group and Al Ain Properties
The company is developing the Alburouj integrated residential project in New Heliopolis, which spans approximately 3 million square metres (sqm), and currently houses around 3,500 residents.
Aref said construction is ongoing across several parcels: Parcel 1.3B (120 units), Parcel 3.8 (220 units), Parcel 1.17 (391 units), and Parcel 2.4 (232 units)
In late 2024, IMKAN Misr signed an agreement with Forward Construction worth EGP 1.60 billion to build 348 serviced units across 192,000 sqm. It also awarded Global Energy the third phase infrastructure works contract, valued at EGP 445 million.
IMKAN Properties, the parent company, manages a global portfolio of 26 projects spanning 25 million sqm across two continents.
(1 US Dollar = 50.92 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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