The UK-based Innovo Group, previously known as Al Shafar Group, is making significant strides in Egypt’s real estate sector with the launch of two high-profile projects this year. As announced by Mohamed Gamal, Managing Director of Innovo Egypt, these ventures highlight the group’s ambitious expansion into the Egyptian market.
Innovo’s real estate development arm, Sky Innovo Developments, will kick off with the Park Street Edition project in New Cairo. This mixed-use development, boasting a construction cost of EGP 7 billion, will integrate residential, commercial, and administrative spaces, prioritizing wellness and sustainability. Covering 20,000 square meters with a built-up area of 65,000 square meters, it represents Innovo’s inaugural venture into Egypt’s real estate scene, fitting seamlessly into the group’s broader international growth strategy.
During a recent press conference, Gamal emphasized Egypt’s stable economic environment and favorable investment climate as catalysts for Innovo’s deeper engagement in the country. “Our projects are aligned with the dynamic growth of Egypt’s real estate sector, and we are committed to contributing to its evolution,” Gamal remarked.
Innovo’s Egyptian operations already exceed EGP 42 billion, with a diverse portfolio encompassing construction, infrastructure, and real estate development. The firm has successfully executed projects for the New Urban Communities Authority, Urban Development Fund, and Emaar Misr, among others.
Looking ahead, Innovo is exploring involvement in the mega Ras El-Hekma development on Egypt’s North Coast. Furthermore, the company is considering new sector entries, including data centers and industrial developments, underlining its commitment to diversification.
Aligning with global trends, Innovo has partnered with the Egypt Green Building Council (EGBC) to promote sustainable development. This partnership aims to advance energy-efficient construction, reduce carbon emissions, and enhance the sustainability of urban projects in Egypt.
Sources suggest Innovo is actively seeking collaborations for infrastructure and interior fit-out projects for data centers, as well as assessing potential industrial sector investments, marking a significant step in their diversification efforts.
