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Qatari Diar and Organi Group Ink Deal for 3 Egypt Real Estate Projects

Qatari Diar, a wholly owned subsidiary of the Qatar Investment Authority (QIA), has forged a significant partnership with Organi Group, an Egyptian conglomerate with interests spanning real estate, construction, transportation, hospitality, and tourism. The collaboration aims to execute three major real estate projects across Egypt, marking a substantial investment in the North African country's burgeoning property sector.

The announcement was made by Ibrahim Al Organi, Founder and Chairman of Organi Group, who confirmed the agreement on various platforms, including a post on social media platform Threads. According to Al Organi, the partnership encompasses ambitious developments spearheaded by Qatari Diar, highlighting their commitment to contributing to Egypt's economic growth and infrastructure development.

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One of the key projects included in the agreement is the expansion of the CityGate development located in New Cairo's 5th settlement. This phase of CityGate, which commenced construction in February of the previous year, involves a significant investment totaling 1.75 billion Egyptian Pounds, equivalent to approximately $36.3 million USD. The expansion aims to deliver 422 residential units comprising a mix of villas and twin houses, contributing to the overall vision of CityGate as a comprehensive urban development. Upon completion, the project is projected to have a total value exceeding $12 billion, highlighting its scale and significance in Egypt's real estate landscape.

In addition to the CityGate expansion, the partnership includes the prestigious $1 billion St. Regis Residences project, recently launched to cater to the demand for luxury residential offerings in Egypt. This project underscores Qatari Diar's commitment to delivering high-quality, upscale living spaces that meet international standards of luxury and comfort.

Furthermore, the collaboration extends to the development of luxury hotels in two of Egypt's most popular tourist destinations: Sharm El-Sheikh and Hurghada. These projects are expected to enhance the hospitality infrastructure in these coastal cities, catering to the growing influx of domestic and international tourists seeking world-class accommodations and amenities.

The partnership between Qatari Diar and Organi Group underscores both entities' strategic alignment and shared vision for advancing Egypt's real estate and tourism sectors. Qatari Diar's investment in these transformative projects not only demonstrates its confidence in Egypt's economic potential but also reinforces its commitment to sustainable development and community-centric initiatives.

With Organi Group's proven track record in managing complex projects across multiple sectors, the collaboration is poised to set new benchmarks in urban development and hospitality, contributing to Egypt's long-term economic prosperity and attractiveness as a destination for international investments.

Overall, the partnership between Qatari Diar and Organi Group signifies a significant milestone in Egypt's journey towards sustainable growth and development, leveraging strategic investments to create lasting positive impacts on the economy, infrastructure, and quality of life for its citizens.

June 24, 2024 1:01 p.m. 560

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