Owagik Developments

Key Information About Owagik Developments

Owagik Developments belongs to Global Real Estate Group, drawing on experience that began in 2001 across contracting, engineering management, general construction, and infrastructure works. Its direct development activity became visible in 2021 with the launch of Owagik Towers in the New Administrative Capital. The company’s strength was built through execution first, followed by the development of projects under its own ownership.

The portfolio of Owagik Developments currently focuses on one announced flagship project developed over 8,035 square metres in the Downtown area. Its disclosed investment value initially stood at EGP 1,700,000,000, while more recent figures indicated that it had exceeded EGP 2,000,000,000. The project comprises four basement floors, a ground floor, and fourteen upper floors, although available sources differ regarding the final number of units.

Owagik Developments competes through its extended construction background rather than through a large portfolio of independently developed projects. The company relies on a mixed-use model combining commercial, administrative, and medical activities within one project, supported by specialised design and management firms. This approach may strengthen its operational capabilities, but the company’s evaluation remains linked to the results of its first project and its actual handover schedule.

About Owagik Developments

The roots of Owagik Developments began in the contracting sector in 2001 under Global Real Estate Group before the company moved into direct real estate development after nearly twenty years of execution work. Engineer Emad Mohamed Qassem serves as Chairman, while the company’s capital and market value have not been officially disclosed. The age of the group should therefore be distinguished from the operating history of the company as an independent developer.

History and Development of Owagik Developments

The group began building its experience in construction, roads, and infrastructure in 2001 before expanding its activities across New Obour, October Gardens, 6th of October City, 10th of Ramadan City, New Assiut, and Qena. In 2021, Owagik Developments announced Owagik Towers as its first clearly identified direct development project. Its previous experience was primarily based on contracting rather than an owned development portfolio.

Vision and Mission of Owagik Developments

Owagik Developments aims to convert its construction experience into mixed-use projects with measurable investment value. Its practical mission focuses on execution accuracy, specialised design, and connecting commercial, administrative, and medical activities through a clear operating plan. Its strategy is based on proving its capabilities through one project with investments exceeding EGP 2,000,000,000 rather than pursuing rapid expansion.

• The group executed 144 residential buildings in New Obour City as part of its previous contracting and large-scale residential construction record.
• The group completed 56 buildings in October Gardens, in addition to more than 89 buildings within the Dar Misr project in 6th of October City.
• The group participated in the construction of 22 buildings within the Sakan Misr project in New Obour City for the relevant government authorities.

These projects demonstrate execution capabilities across Greater Cairo and Upper Egypt, but they do not mean that the company owned or developed all of them. This distinction is necessary when reviewing its track record because a contractor executes work under a defined contract, while a developer assumes responsibility for the land, financing, marketing, handover, and post-sale operation.

• The group executed more than 38 buildings in Qena Governorate, in addition to 230 residential buildings in New Assiut City.

Owagik Developments Projects

The portfolio of Owagik Developments currently includes one main announced development project, while the remaining works relate to the group’s contracting and government execution record across several Egyptian governorates since 2001.

• Owagik Towers New Capital.