{"id":663090,"date":"2025-03-27T00:00:00","date_gmt":"2025-03-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/27\/uk-based-innovo-plans-to-expand-its-presence-locally\/"},"modified":"2025-03-27T00:00:00","modified_gmt":"2025-03-27T00:00:00","slug":"uk-based-innovo-plans-to-expand-its-presence-locally","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/27\/uk-based-innovo-plans-to-expand-its-presence-locally\/","title":{"rendered":"UK-based Innovo plans to expand its presence locally"},"content":{"rendered":"

UK-based<\/strong> Innovo Group<\/a><\/strong> plans to launch two real estate projects in Egypt this year<\/strong>, the managing director of its Egypt arm Innovo Egypt Mohamed Gamal told EnterpriseAM.. Innovo\u2019s real estate arm, Sky Innovo Developments<\/a>, will break ground on its first project in Egypt, the EGP 7 bn Park Street Edition<\/a> in New Cairo, right after the Eid El Fitr break and its second local project will be announced before year-end, he told us.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

A growing pres<\/strong>ence in Egypt\u2019s construction sector:<\/strong> Innovo\u2019s 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.<\/p>\n

Looking ahead:<\/strong> The company is looking to secure construction work in Ras El Hekma, Gamal added.<\/p>\n

It also wants to step into unfamiliar territory:<\/strong> Innovo is looking to diversify its Egypt portfolio by entering new sectors \u2014 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.<\/p>\n

The company<\/strong> is also pushing for sustainable building practices: <\/strong>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)<\/a>. The partnership aims to support energy-efficient construction methods, reduce carbon emissions, and improve the sustainability of urban development projects across Egypt.<\/p>\n

A little clarity regarding the<\/strong> NDP headquarters redevelopment:<\/strong> Innovo and its partner, the Saudi Egyptian Developers<\/a>, 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<\/a> \u2014 which was to be carried out in partnership with the Sovereign Fund of Egypt \u2014 due to soaring construction costs after the float of the EGP.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company plans to diversify its Egyptian portfolio by stepping into new sectors<\/p>\n","protected":false},"author":1,"featured_media":663091,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[72,65,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-663090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-investment","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"754a78ac-04b6-48a3-a9d2-fb2cf2137fef","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/2241.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UK-based 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