Misr Italia Holding Group announces that the Financial Supervisory Authority has approved the amendment to the formation of the group’s Board of Directors. The composition of the new Board of Directors includes Khaled Mohamed Ibrahim Al-Assal, Non-Executive Chairman of the Board of Directors, with Eng. Mohamed Khaled Al-Assal continuing as CEO and Managing Director.
These amendments come within the framework of the strategy of the Misr Italia Holding Group, to strengthen the rules of governance in a way that reflects the achievement of its investment objectives, increases investor confidence, and also reflects the continued provision of the best quality level of services to customers, and the preservation of the position of “Misr Italia Real Estate” as one of the largest economic entities. National, and one of the pioneers in the real estate sector.
In the same context, the General Authority for Investment and Free Zones approved the changes that occurred in the formation of the boards of directors of companies affiliated with the Misr Italia Holding Group, which include five companies: (Misr Italia for Real Estate Investment, Misr Italia for Urban Development, Misr Italia Red Sea for Tourism Projects, and Middle East Ras Al-Hikma for Tourism Investment, and Misr Italia for Construction and Development).
The formation of the Board of Directors of the group’s companies after the amendment became: Khaled Muhammad Ibrahim Al-Assal, Chairman of the Board of Directors (non-executive), with the continuation of Eng. Muhammad Khaled Al-Assal, CEO and Managing Director, and Karim Al-Assal, CEO and Managing Director, joining.
The new amendments to the Board of Directors of Misr Italia Holding Group aim to work on expanding in West Cairo while continuing to develop the company’s portfolio of residential, commercial, administrative and service projects in real estate development destinations in East Cairo, the North Coast and Ain Sokhna, in order to deliver units to customers on the agreed upon dates, while continuing to provide The best level of after-sales services.
Work is underway on the Il Bosco New Administrative Capital project according to the schedule set for the delivery of 580 units this year, and construction work is also underway with remarkable progress in the Vinci project in the New Administrative Capital to deliver more than 480 units. Likewise, the implementation work of the Kai project in Ain Sokhna - [Kai] is progressing according to the timetable for the delivery of the last 60 units in the first phase, and work is underway on the Il Bosco City New Cairo project to complete the first phase and begin its delivery on time, and as for the “Solari” project Ras Al-Hekma “Misr Italia Properties” signed contracts to assign contracting and construction works worth 1.3 billion pounds to Redcon Development Company, as part of its keenness to choose the best partners to ensure providing the highest level of quality to its customers, and to complete the development of the project stages according to the planned timetable.
Misr Italia Real Estate Company owns a land portfolio of 7.1 million square meters that includes 25 projects in various major real estate development destinations. The company has invested more than 155 billion pounds since its launch in 1995 until the end of June 2024, as the number of units delivered in its projects reached 5,155 units and 3 commercial centers. During the year 2024, the company aims to achieve sales worth 25 billion pounds, exceeding the target achieved last year by 56.5%.
