Imkan plans Dh100b projects globally
The firm owned by Abu Dhabi Capital Group is active on 26 projects in six countries
Abu Dhabi-based real estate developer Imkan Properties is currently working on 26 projects in six countries and it plans to expand further, the chief executive officer of the firm told Gulf News in an interview.
“Imkan is a one year old company owned by Abu Dhabi Capital Group. We are working in six countries in 26 active projects in Morocco, Egypt, UAE, Seychelles, Montenegro and Sri Lanka. All the projects are mixed use projects except in Seychelles, which is hospitality sector focused,” Walid Al Hindi said on the sidelines of Cityscape Abu Dhabi.
“We also plan to expand further in the markets where we are present and also launch new projects in other countries like Saudi Arabia.”
He said the total investments in the current projects as well as planned future projects could go up to more than Dh100 billion.
“We have a very long-term vision. Most of these projects are in the range of seven to ten years. We believe that real estate has always been a very good industry historically worldwide. You need to know what you are doing and how you are doing,” he said on the outlook for the sector.
In Abu Dhabi, the firm is involved in three big projects including Makers District, a mixed used development in Reem Island with 3,000 residential units, Nudra development, a beachside villa community in Saadiyat Island and Shaikha Fatima Park, an open air community project near Khalidiya.
Funding
The cost of Makers District project is Dh10 billion and the construction is expected to be completed by 2023.
Imkan also started construction work on Al Burouj project in Cairo, Egypt, which is set to include more than 1,200 mixed type units spanning 1,200 acres.
The project also includes Shaikh Zayed Mosque and the first residential communities are slated for handover in the second quarter of 2019.
In Morocco, the firm is developing a mixed use project in Rabat.
When asked about funding for the projects, he said each project is funded separately according to its strategy with loans, equities and some through joint venture partnership.