Clarificatory Statement by Misr Italia Properties Group

اقراء ايضا

Majid Al Futtaim Unveils Junction: A Landmark Business and Lifestyle Hub in West Cairo

Introducing the First-Ever – Azza Fahmy Ramla Beach Clubhouse – Where Artistry Meets Coastal Serenity at MARAKEZ’s North Coast Destination

In light of the recent judicial ruling issued against Engineer Mohamed Hany El-Assal, Misr Italia Properties Group confirms that Eng. Mohamed Hany El-Assal, against whom this ruling was issued, is only a shareholder in the company, holding a 13% stake. He has completely separated from the company’s management and does not occupy any executive position in any of the group’s companies. Consequently, this judicial ruling is issued against him in his personal capacity, not his previous professional capacity, and has no connection to the company or its current management.
Misr Italia Properties reaffirms its unwavering respect for the Egyptian judiciary rulings and its commitment to refraining from commenting on the specifics of these decisions, in accordance with legal provisions. While affirming that this matter does not affect the company’s business, its strategies, or its obligations in any way.
Misr Italia Properties is currently managed with efficiency and competence by a strong and stable leadership team led by Mr. Khaled El-Assal, the Non-Executive Chairman of the Board, in addition to Eng. Mohamed Khaled El-Assal (CEO & Managing Director since 2020) and Mr. Karim El-Assal (CEO & Managing Director). Together, they own the majority of the shares in Misr Italia Properties, and by leveraging the expertise of highly qualified professionals, ensure the continuity of business according to the highest standards of excellence. The aforementioned is duly recorded in all approved legal records maintained by the relevant authorities.
This team ensures the company’s leadership according to the highest standards of excellence and achieves its developmental goals. Furthermore, a specialized team of experts is dedicated to guaranteeing the timely delivery of projects, reflecting the company’s steadfast commitment to its clients, banking and investment partners, and all stakeholders.
The company also confirms its continued expansion of its business operations and project portfolio development, in line with the government’s directives towards achieving sustainable urban development. The company possesses a wide portfolio that includes 11 residential projects, 9 commercial projects, and 6 luxury hotels, with a total area of 7.1 million square meters. The company’s significant operational size reflects its important economic and social contribution through providing job opportunities for 10,000 individuals (directly and indirectly).
Strengthening its leading position in the market, Misr Italia Properties plans to inject new investments reaching 11 billion Egyptian Pounds during the year 2025, which reflects the company’s confidence in the local market and its desire to provide integrated living experiences that meet the aspirations of clients, through developing sustainable residential communities that enhance the quality of life and provide an inspiring environment for growth and stability.