Imkan, an Abu Dhabi-based real estate developer, revealed that the firm has purchased a plot of land in New Cairo, Egypt to develop a residential community dubbed AlBurouj.
Under the deal, Imkan, through Imkan Misr, the Egyptian arm of its real estate business, acquired a 166-acre plot of land in New Cairo district valued at 5 billion Egyptian pounds ($301 million).
AlBurouj will be a 5-million-square meter complete mixed-use community housing a park, international schools, a retail center, an office park, smart village, sports club and cultural hub.
Imkan noted that it expects AlBurouj, anticipated to begin delivery next month, to enhance Egypt’s housing market while further solidifying the firm's international footprint.