Latest news with #Abbassi
Daily News Egypt
10-08-2025
- Business
- Daily News Egypt
Greca Developments eyes Egyptian investors as gateway to Greek real estate, EU residency
Investing in real estate abroad has emerged as a compelling strategy for individuals seeking financial growth, asset diversification, and greater lifestyle flexibility. Whether driven by the promise of stable returns, the appeal of dual residency, or the desire to hedge against local market volatility, a growing number of investors are looking beyond their national borders. From the charming streets of European capitals to emerging hotspots in Southeast Asia, international property markets present a wide array of opportunities for savvy buyers seeking long-term value and global mobility. Ahmed Abbassi, Founder and CEO of Greca Developments—a company specializing in transforming older buildings in central Athens into residential units for sale or lease—announced that the company is preparing to launch 150 new units. This expansion is part of Greca's current portfolio, which includes 15 buildings comprising a total of 300 units, with a combined investment value exceeding €50m. Abbassi added that Greca has laid out expansion plans for the coming years, with a further €30m in investments earmarked to support growth. The company also owns five land plots across Greece, totaling 4,000 square meters, which are slated for development as part of its broader strategy to expand its footprint in the Greek real estate market. Abbassi emphasized that the company's presence in Egypt is not intended to compete with local developers. Instead, Greca is targeting a specific segment of clients interested in external investments that offer stable returns along with the added benefits of European travel and residency. He clarified that Greca's operations in Egypt will be limited to marketing its overseas real estate projects, with no plans to engage in local development. The company aims to attract Egyptian investors seeking opportunities abroad, particularly those looking to diversify their portfolios and secure access to European residency. Abbassi noted that around 80% of Greca's current client base consists of Egyptians, with the remaining 20% made up primarily of Turkish investors. In light of this growing demand, the company plans to open an office in Egypt during the last quarter of next year, aiming to facilitate the marketing of its projects and allow for in-person client meetings, replacing the current reliance on virtual communication. Additionally, Greca plans to participate in the Cityscape exhibition in September 2025 as part of its strategy to increase visibility and promote its projects to the Egyptian market. Abbassi highlighted that owning property in Greece not only generates attractive annual returns—reaching up to 6.5% in some cases—but also allows investors to obtain Greek residency, which is renewable every five years as long as the property remains under ownership. This residency permits visa-free travel across 46 Schengen countries, offering significant lifestyle and mobility advantages. He further explained that Greca manages investment properties on behalf of clients, handling rental operations, maintenance, and the direct transfer of rental income to investors. The company follows a business model that focuses on converting commercial and office buildings into residential units that qualify for European residency, enabling clients to secure residency by purchasing property starting from just €250,000. This stands in contrast to the significantly higher investment thresholds for new-build properties, which can reach up to €800,000. Abbassi pointed out that these regulatory changes were introduced by the Greek government to prevent pressure on new residential projects and to avoid inflating property prices, making converted properties a more accessible and sustainable option for residency seekers. He concluded by stating that the company plans to expand its operations in Egypt shortly, to attract more clients to purchase residential units owned by Greca and obtain permanent residency. The company is particularly targeting investors who are seeking new and stable opportunities within the European Union, using Greece as their entry point.
Express Tribune
03-07-2025
- Express Tribune
Karachi Canal pollution persists
Poisonous water is being thrown into the Kotri Barrage canal which supplies water to Karachi. This has become a health and environmental hazard for the people of Jamshoro, Thatta and Karachi. PHOTO: FILE The discharge of toxic industrial effluent into the Karachi Canal continues unabated, posing a serious health hazard to the people of Karachi, Thatta, and Jamshoro despite multiple orders from the Sindh High Court and the Supreme Court's Water Commission. A team of the Sindh Environment Protection Agency (SEPA) collected samples from the canal near Kotri SITE area in Jamshoro district on Thursday. The KB Feeder canal, aka Karachi canal, springs from Kotri barrage. It is the main source of water supply for the city and the ongoing K-IV project is also completely dependent on this canal. In 2007 a lawyer from Kotri had filed a petition in the SHC, pleading for measures to stop the canal's pollution by the Industrial as well as from the municipal, commercial and hospital wastewater. The court had ordered the provincial govt to build a Combined Effluent Treatment Plant (CETP) near the SITE area to stop that contamination of the fresh waterway. The project's initial PC-I was approved in April 2010, at a cost of Rs667 million. However, due to delayed completion the cost later jacked up to around Rs one billion. The construction contract was given to M/S ARA Joint Venture Karachi in June, 2010. In September 2019, the Anti-Corruption Establishment lodged an FIR against the SITE officers who were part of the project. As per the ACE's investigation, the project was still incomplete and non-functional by that year besides lacking the treatment capacity. Under an arrangement the deficient plant's management was handed over by SITE department to KATI. During in charge of SEPA Imran Abbassi's visit, the association's office bearers narrated that they stopped running the plant because the govt halted release of funds. The two sides had agreed to share 50% cost of the operations. They claimed the unpaid funds had accrued to Rs60 million when KATI decided to call it a day over two months ago. The SEPA's officer also repeated instructions to the industries to install in house treatment plants, an order which the Water Commission had also passed for all the SITE areas back in 2018. Abbassi reiterated warning to the industries that SEPA will initiate action if they kept releasing untreated wastewater.
