Walid El-Hindi, CEO of IMKAN Properties, tells CBNME about the company’s prospects for 2020 and about their latest projects around the Middle East and Africa.
Performance in 2019 and expectations for 2020
2019 was a year of first impressions for us as we acquired 166 acres of land in Cairo, saw the delivery of over 151 units at the Alburouj project in Egypt, and delivered Villa Diyafa – a luxury hotel in Morocco – with 27 keys added as part of an expansion.
In the UAE, we launched SHA Emirates at our second home destination, AlJurf, and, driven by positive feedback in the market we expanded into and additional phase of the project by introducing new villa types.
For 2020, we have a couple of large-scale projects in our pipeline; we’ve started the year with the launch of our new Rabat-based flagship mixed-use development, Le Carrousel, in Morocco. The first phase of this project was sold out in December and we’ve just started construction with the building contract awarded to SOGEA MAROC, which is a subsidiary of French concessions and construction firm Vinci. We’ll also handover our beachside community Nudra and Abu Dhabi’s first urban park, Sheikha Fatima Park. We’re expecting big deliverables this year with over 1,000 units scheduled for delivery by the end of 2021.
Expo 2020
IMF projections suggest that Expo 2020 will contribute to economic diversification across the UAE this year, with potential to drive the fastest growth in the UAE’s non-oil economy sectors such as real estate, tourism, hospitality etc. Our goals are closely aligned with those of Expo 2020, focused on innovative and sustainable ways to create better communities. Recently we announced our commitment to the Guardians Initiative at AlJurf with the Ministry of Climate Change and Environment (MOC-CAE) and Alliances for Global Sustainability (AGS) – the initiative pledges to safeguard and preserve Abu Dhabi’s diverse heritage, nature, wildlife and marine environments.
Undeniably, this year’s Expo is a key part of how the UAE is positioning itself for 2020 and beyond. These two factors are also central pillars in the development of all IMKAN products, and we are expecting to see increased interest as the spirit of Expo takes hold later this year.
Sustainable and Energy Efficient Projects
Both topics are instrumental to our research at IMKAN – sustainability and energy efficiency. With that being said, not only do we consider the need for planning safe and secure spaces but also keep in mind the preservation of the local environment, landscapes and ecosystems surrounding our projects.
On a large scale, we have developed a corporate sustainability strategy aligned with UN Sustainable Development Goals which is already implemented within our projects. Makers District is a perfect example in terms of design and operation. Our shading strategy for buildings and public areas will reduce the heat island effect and reduce energy consumption and increase outdoor thermal comfort. Our goal is to preserve and integrate the surrounding environment, landscapes and ecosystems into our developments, rather than disrupt them.
Projects
At IMKAN, we have created a diverse portfolio of projects; we have two flagship developments in the UAE; AlJurf – fully integrated second home destination along the Sahel Al Emarat (Riviera of the UAE) – and Makers District located on Reem Island which is home to the district’s first mixed-use development, Pixel. We also have Nudra, a luxury beachside community, and Sheikha Fatima Park, Abu Dhabi’s first urban park that seeks to enhance community interactions. In addition to these, we also have the Alburouj developments in Cairo and the Le Carrousel and Villa Diyafa projects in Morocco.
Technology and Innovation
We are dedicated to upholding the latest technological and innovational advancements across all our developments. In line with our placemaking theme, we apply state-of-the-art computational fluid analysis, to assess the thermal comfort within our developments and develop adequate mitigation measure and strategies. We support cross-sectoral innovation by merging technologies – for example, combining satellite remote sending and AI in order to reduce the water used in our developments, improve the project sustainability, and overall, contribute to the national sustainability strategy.
