Home Business & Tech Egyptian Millionaire Enters Rwanda Housing Industry

Egyptian Millionaire Enters Rwanda Housing Industry

by Jean de la Croix Tabaro
11:22 am
Turkish and Egyptian Investors eyeing Rwanda's market. Eng. Mostafa  Abd Almoez (in blue tie). Next  after him is Rwanda's Ambassador to Egypt Sheikh Saleh Habimana

Turkish and Egyptian Investors eyeing Rwanda’s market. Eng. Mostafa  Abd Almoez (in blue tie). Next  after him is Rwanda’s Ambassador to Egypt Sheikh Saleh Habimana

A Qatari-Egyptian real estate company, Almoez Holding Group, has entered the Rwandan market to help fix Rwanda’s housing puzzle.

The current housing demand in Rwanda is widening, especially housing for the middle and lower class, also known as affordable houses.

The Rwanda Housing Authority estimates the Rwanda’s demand for affordable housing in general to at least 560,000 Units by 2020.

In Kigali City  alone, the new housing demand is estimated at 344,068 dwelling units between 2012 and 2022, with more than 60% needed for low and middle class.

Kigali is targeting to build at least 10,000 dwelling units every year to bridge the gap.

“We are looking for suitable land to build a compound including categories of affordable housing for upper-middle class and luxury housing,” Eng. Mostafa  AbdAlmoez, vice chairman of Almoez Holding Group has told KT Press.

After this project which Mostafa wants accomplished, “as soon as possible”, the company will start exploiting Rwanda’s tourism potential by bringing holiday makers from the Middle East into Rwanda.

Almoez Holding Group has strong presence in both Qatar and Egypt but is targeting to form a strong community of Egypt-Asia investors in Rwanda.

“We shall bring people from the gulf region to Rwanda to enjoy the nice climate, nice sceneries as well as safari trips that we can organize,” he said adding that people from his country will appreciate and come several times with their families.

Knowing the culture of his target market, Mostafa is confident that at the end of the day, investors who will visit will think of owning houses in Rwanda.

Almoez Holding Group says it finds this business ideal to start tying other countries with Rwanda while also provoking business flow.

The volume of investment in this project will depend upon the availability of suitable land, the cost of land and construction materials, according to Mostafa.

Mostafa was amongst nine businessmen from the Egyptian-Turkish Association of investors who met the Rwanda Development Board (RDB) to express their area of interest.

From textile, real estate, pharmaceuticals and agribusiness fields, they said Rwanda has a favorable investment climate, which will help them expand to Africa.

“They are willing to partner with Africa because their market in Middle East is almost closed. They have been selling to Iraq and Syria but those markets are no longer there,” said Sheikh Habimana Saleh, Ambassador of Rwanda to Egypt who organized the visit.

“The best buyer of theirs for so long has been Libya. Yet Libyan market is no longer there,” he said.

For Habimana, providing the businessmen with the market in Rwanda is not enough, rather, it is important to have them establish franchises in Rwanda, to serve the region.

The investors who are exploring the country to choose where to establish their businesses are being given a guide by Rwanda Private Sector Federation (PSF) and Rwanda Active Business Association (RWABA).

The later, a community of Turkish business people established in Kigali helps the Rwandan and Turkish investors to know available opportunities from each country.

This has improved businesses between both countries while also increasing trade between Rwanda, Middle East and Europe.