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Denver – Egyptian-based holding company Porto Group is looking to expand its commercial real estate operations in Africa with a new project called Porto Agadir.
As the name suggests, Porto will build commercial real estate in the southern coastal city of Agadir. The project, slated to begin next year, will cost approximately $500 million in startup investments.
Porto Agadir is one of three tourist villages that will reportedly cost the group $1.27 billion in total. However, with the other projects located in the Egyptian cities of Cairo and Assiut, Porto Agadir is the only project of the three to be outside Egypt.
Porto Agadir announced it also planned on contributing nearly $64 million in continuous investments into its projects over the next three years. The additional funding will help to develop the group’s holdings, “mainly by acquiring and developing land,” says Porto Group CEO Ayman Ben Khalifa.
So far, 80% of Porto’s property holdings are within Egypt. However, in addition to the Agadir property, the group is now also developing property near the Dead Sea. These two properties are indications that Porto is beginning to look beyond Egypt’s borders in its mission to find additional land to acquire and develop.
The current projects are all being developed on land the company acquired over the past two years. As Africa’s economy continues to grow during the 21st century, Porto is maneuvering itself into becoming a multi-national land developer and potential future real estate and travel industry hegemon within the North African market.
