Abu Dhabi – Mubasher: Q Holding and Egypt’s ORA Real Estate Development Group recently penned a partnership agreement to develop a smart and sustainable city in Abu Dhabi, according to a press release.
The integrated city will be located in Ghantoot and will span over 20 million square metres. The joint scheme will provide the community with residential, hotel, cultural, commercial, sporting, and recreational services, with a focus on renewable energy and sustainability.
The development project is a significant addition to the ADX-listed company's s real estate investment portfolio, as it aligns with the firm's growth plans to expand its footprint in the UAE real estate market.
Abdulla Mohamed Butti Al Hamed, the Chairman of Q Holding, highlighted that the partnership backs Abu Dhabi's local economy and attracts investors to create a unique investment opportunity.
Meanwhile, Naguib Sawiris, Founder and CEO of ORA, underlined that the company’s sales exceed a value of $12 billion in its diverse real estate portfolio worldwide, including Egypt, Greece, Cyprus, the Caribbean, and Pakistan.
In 2022, the net profits attributable to the owners of Q Holding jumped to AED 899.67 million from AED 164.77 million in 2021.
