ERG Developments: Digitalizing the real estate sector is crucial for future export success
Eng. Mohamed Rizk, Chairman of ERG Developments, stated that the company has been involved in real estate development since 2005, expanding into numerous projects across the Delta region. In recent years, the company has focused on expanding into major projects in the capital and northern Cairo, in collaboration with international consultants to modernize the real estate industry in Egypt.
In an interview with Amr Adib on the program “Al Hekaya,” Rizk revealed that ERG Developments has acquired four projects in the New Administrative Capital and two in New Cairo’s Fifth Settlement. The company is also expanding its footprint with new projects in North Rehab over an area of 27,000 square meters. These new developments will feature smart, green-focused urban designs, differing from anything previously seen in Egypt. He also mentioned plans for further expansions in the Fifth Settlement with two new projects, to be announced soon.
Rizk emphasized that the New Administrative Capital is the most significant project in Egypt over the last decade, as it has helped alleviate the severe housing congestion in Cairo, a key objective for both the capital and other new cities.
He also disclosed advanced negotiations with Saudi Arabia’s National Company to acquire 150,000 square meters in northeastern Riyadh. This acquisition would launch one of the largest real estate projects in Saudi Arabia’s capital. The company’s new strategy focuses on both horizontal and vertical expansion, aiming to double its land holdings, diversify its projects, and increase its local investments, as well as injecting capital into Arab and international markets.
Rizk explained that ERG Developments’ move into Saudi Arabia is driven by the kingdom’s favorable investment climate, with attractive incentives for investors. The company intends to use its presence in Saudi Arabia as a foundation for future expansion into foreign markets.
He further noted that ERG Developments is evaluating several land options in the North Coast, as there is a growing trend among real estate developers to invest in that area. This trend has become a national priority, and full project details will be announced once a final decision on the land acquisition is made.
Rizk also highlighted that real estate exports are a key component of Egypt’s investment strategy. He emphasized the need for legislative reforms that could attract $20 billion from real estate exports alone. He also stressed the importance of creating a clear vision for the digitalization of the real estate sector, which would enhance the industry’s strength in the medium and long term by setting a ceiling for each property and providing a detailed digital record outlining each property’s needs and specifications.
Lastly, Rizk discussed the long-standing success of Rizk Group, now in its 50th year. He explained that the group owns three companies that operate in trade, maritime transport, and real estate. He noted that one of the group’s companies, based in Sweden, supplies goods to the Middle East, while another focuses on maritime shipping. The group entered the maritime industry to transport its own goods, and now owns eight ships dedicated to freight transportation.
