CREATING SPACES FOR HAPPINESS

In conversation with Haitham Mohamed AbdelAzim, CEO of Ora Developers Egypt Group

What are the goals and objectives for ORA Group in 2023 and how will this year’s success translate into new projects being announced this year?

Since inception, our goal for Ora Developers Egypt Group was to continuously seek opportunities that will help us expand our project offerings to various markets and different customers while partnering with leading global investors, contractors, and retailers. We are still persistently committed to creating real estate developments across Egypt creating truly unique signature projects throughout the country. We have just announced that we are currently closing an acquisition deal of 316 feddan area of land in El Sheikh Zayed Extension in the west of Cairo, to use for our latest mixed-use development project in Egypt, Solana. Our goal of achieving landmark success with our previous projects is what has helped us venture into another development, taking our wellestablished footprint in the Egyptian real estate market to elevated and extraordinary heights with Solana.

Tell us about the latest projects done by ORA? What are the key features of these projects? Through Solana, our latest announced project, we hope to create a destination that attracts all different kinds of customers with varying lifestyles. This includes a constant focus on customer needs. For example, this eminent project focuses on unit designs in the form of boutique villas to fit all family sizes, as well as twin and town houses, and introduces new typologies to the real estate market. in addition to non-residential facilities that will include retail, sports facilities, a clubhouse, a school, in addition to the outdoor communal spaces to encourage activities and interactions. All units will be delivered fully finished. The project’s architectural vision will be built upon the pillars of proximity, functionality, openness, integration, and timelessness. The prestigious architectural firm SB Architects has been awarded the master-planning and the architectural designing of the development. We aim to always create and provide a safe, relaxing community where everyone has access to the environment that they’ve always dreamt of living in – while providing a truly all new experience in terms of design and unit innovation.

Last summer, we also announced the launch of the latest mixed-use development project on Egypt’s North Coast embedded on its sandy beaches, titled Silversands. The project is strategically located on the AlexandriaMarsa Matrouh Road, with a 1-kilometer seafront. Silversands aims to serve as the go-to beach destination for all vacationers all year long, welcoming those who prefer to spend the whole summer by the beach to those looking for a quick weekend getaway.

Can you tell us how the company is using innovation and technology in their projects?

Our edge is that we create mixed-use developments that combine affordable beauty, luxury and practicality all in one development. We are all about embracing innovation and seeking new developments, and we have a proven track record of creating beautiful environments that balance exceptional thinking with enduringly sleek design. We’re the first to introduce park side living in Egypt and we also offer fully furnished units to ease the process for our clients and ensure their utmost comfort. Furthermore, we were the first to introduce a sports university in Egypt with world-class academies and international coaches in different sports along with ZED’s state-of-the-art sports complex that includes highly accredited and licensed football courts, paddle tennis, and tennis courts.

In terms of technological capabilities across our entire portfolio, our main technology partners have historically been and currently are Microsoft, Oracle, Orange, HP, Summit Technology, G2K Technology, and WE Telecom Egypt. We are very proud to have these household names as our partners, always keeping our projects up to date with the latest technologies and innovations.

What is the market overview when it comes to the Construction industry in Egypt and how is this helping ORA?

The prolonged economic effects of the pandemic, devaluation and inflation and supply chain delays across a multitude of sectors can still be seen from 2020 to date. However, the real estate sector has an amazing track record when it comes to surviving crises, and due to Egypt’s proactive and targeted response to the economic fallout from the pandemic, followed by the devaluation of the Egyptian pound, the country has fared much better than expected. Demand patterns have varied for different commodities as of recently, consumers have become more cautious when it comes to spending money. As Ora Developers Egypt Group, we had to bet on the updated consumer behavioral patterns and shift our campaigns and strategies to a more digitally focused approach, as the whole world geared towards more remote and online means of marketing.

However, the demand for investments hasn’t changed. Consumers are always looking for the safest sector to invest in and real estate is one of those growing in Egypt. Currently, the real estate market is picking back up. The demand is anticipated to increase as a result of the eased payment plans offered by developers in consideration of the economic crises the world and our country has witnessed as well as regulations made by the government in the market.

How about the company’s performance in markets beyond Egypt? What opportunities has the group been able to identify in these markets i.e UAE, Qatar, KSA

We have already devised an international sales task force to prompt our expansion in the Gulf and Levant regions and invite prospective buyers to invest in our Egyptian properties. In fact, 20% of Ora Developer Egypt Group’s total sales originate from the Gulf. We commenced our regional sales activity through a roadshow and customer engagement program across the UAE, Saudi Arabia, Kuwait, Jordan, and Qatar and will continue to focus on these markets.

What are the potential challenges you see in the real estate industry and how can it be overcome?

The economic hurdles are definitely the steepest given the devaluation of the Egyptian pound and increases in the prices of necessary supplies. However, Egypt’s housing market has made a strong comeback the last few years, especially with the new laws that liberalized foreign ownership of land and property in Egypt, as well as the government opening its land for public-private schemes - fundamentally stimulating foreign direct investment in the real estate market. These improvements, together with the strong local demand, are boosting the housing market, and the overall economy in general. In terms of driving growth in the Egyptian real estate market, I believe developers must be aware of the demographics they aim to target. These include age, income, and regional preferences of actual or potential buyers, what percentage of buyers are retirees, and what percentage might buy a vacation or second home, and the list goes on. Knowing your audience will help you build developments that cater to their needs, especially in a market where there is a large demographic portfolio. Customer trust and on-time delivery of projects are essential to building a long-standing relationship with the developers as well. And of course, dropping interest rates and supporting mortgage schemes will encourage buyers to invest, especially with longterm flexible plans. At Ora Developers Egypt Group – we take all that into account with the planning and execution of every element of our projects.

What are the future plans in place in terms of growth of the company?

Ora Developers Egypt Group boasts leading investments in commercial and residential properties, along with sports complexes, social clubs as well as hospitality and many more lanes. The mixed-use developments are envisioned to create a self-sustainable community, and thus accommodate all living needs and essential activities into one destination, in addition to sports facilities and vast green spaces available for the community. Over and above the company’s vast experience in real estate, it is always looking at supporting the local community, especially the youth, while creating enjoyable lifestyle and entertainment experiences and hence we merge lifestyle, community and luxury in ideal harmony. We strongly believe this mix of offerings will continue contributing towards our increased progress and growth throughout the upcoming year – as we focus on delivering on each of our customer promises and deadlines, and evaluating further opportunities of investment as they appear.