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UK-based Innovo Group plans to launch two real estate projects in Egypt this year, the managing director of its Egypt arm Innovo Egypt Mohamed Gamal told EnterpriseAM.. Innovo’s real estate arm, Sky Innovo Developments, will break ground on its first project in Egypt, the EGP 7 bn Park Street Edition in New Cairo, right after the Eid El Fitr break and its second local project will be announced before year-end, he told us.
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A growing presence in Egypt’s construction sector: Innovo’s Egypt portfolio now exceeds EGP 42 bn in value, Gamal said. The company specializes in construction, infrastructure, real estate development, project financing and management, and strategic investments. It has executed major projects for a number of public entities including the New Urban Communities Authority and the Urban Development Fund, in addition to 12 private-sector projects for Emaar Misr.
Looking ahead: The company is looking to secure construction work in Ras El Hekma, Gamal added.
It also wants to step into unfamiliar territory: Innovo is looking to diversify its Egypt portfolio by entering new sectors — particularly data centers and industrial development, according to Gamal. The company is especially interested in providing infrastructure for data centers and is currently mulling multiple industrial projects.
The company is also pushing for sustainable building practices: Innovo has partnered with the Egypt Green Building Council (EgyptGBC) to promote sustainability in the construction and real estate sectors, the company said in a press release (pdf). The partnership aims to support energy-efficient construction methods, reduce carbon emissions, and improve the sustainability of urban development projects across Egypt.
A little clarity regarding the NDP headquarters redevelopment: Innovo and its partner, the Saudi Egyptian Developers, have not backed out of the agreement to work on redevelopment of the former National Democratic Party (NDP) headquarters in central Cairo, Gamal said, explaining that the government put the project on hold to conduct further studies. Unconfirmed reports out last August claimed that the consortium withdrew from the USD 5 bn project — which was to be carried out in partnership with the Sovereign Fund of Egypt — due to soaring construction costs after the float of the EGP.
