QORE Launches Maydan Project in Egypt with $577 Million Investment Plan
Egyptian conglomerate QORE has entered the real estate development market with its first project, Maydan, in 6th of October City, as part of a **EGP 30 billion** investment strategy through 2030.
QORE, an Egyptian group with over three decades of experience in construction, infrastructure, and manufacturing, has officially commenced real estate development with the launch of its inaugural project, Maydan, located in 6th of October City. This development is a key part of the company's ambitious EGP 30 billion (approximately $577 million) investment plan set to extend through to 2030.
Project Details: Maydan
Construction has already begun on Maydan, a mixed-use development spanning approximately 10,000 square metres of land with a total built-up area of around 30,000 square metres. The project is expected to be completed within three years and will feature a blend of commercial spaces, administrative offices, and medical clinics. Also, Maydan will incorporate operational and service components tailored for companies and factory owners, offering support in commercial, administrative, accounting, and tax-related services.
Strategic Partnerships and Funding
To facilitate the Maydan project, QORE has forged strategic partnerships with several firms. Inversion will provide advisory services for development and investment strategy, while Hafez Consultants is responsible for engineering consultancy and design. TSM Asset Management will oversee asset management, operations, commercial activities, and retail strategy. QORE plans to self-fund 30% to 40% of the construction costs for the EGP 30 billion investment plan.
Expansion and Future Vision
QORE's entry into real estate development signifies an expansion of its existing activities, which include general contracting, ready-mix and precast concrete, aluminium manufacturing, and interior solutions. The group, comprising 19 companies, has completed over 100 projects across Egypt and the wider region. Looking ahead, QORE's expansion through 2030 includes developing a portfolio of projects in Egypt, with a particular focus on 6th of October City. Potential future projects include developments on land plots of approximately 20 feddans in the Al-Thawra area and another plot of less than 20 feddans in Boulevard.
Questions, answered
- What is QORE's total investment plan for the Egyptian real estate market?
- QORE plans to invest **EGP 30 billion**, equivalent to approximately **$577 million**, in the Egyptian real estate market through 2030.
- What is the size and scope of the Maydan project?
- Maydan is being developed on approximately **10,000 square metres of land** with a total built-up area of around **30,000 square metres**. It is a mixed-use project including commercial spaces, administrative offices, and medical clinics.
- How long will the Maydan project take to complete?
- The Maydan project has a targeted development period of **three years**, with construction already underway.
- Which partners are involved in the Maydan project?
- QORE has partnered with **Inversion** for advisory services, **Hafez Consultants** for engineering and design, and **TSM Asset Management** for asset management, operations, and retail strategy.
- What percentage of the investment will QORE self-fund?
- QORE expects to self-fund between **30% and 40%** of the construction costs for its EGP 30 billion investment plan.
This brief was summarised and rewritten by Gaia Living from public reporting. Figures and details reflect the original sources.
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