In conversation with the Awad brothers on their multifaceted portfolio in Egypt’s real estate landscape

Over the course of the past three decades, the real estate market has undergone a series of transformations that have left a lasting impact on the global economy. From soaring skyscrapers to sprawling suburban developments, the landscape of real estate has evolved in ways that were once thought of as unimaginable in just a few short decades ago.

Ashraf and Ehab Awad, brothers with a shared entrepreneurial spirit, joined forces alongside their mother, Nadia Habib, to embark on a remarkable journey of business success. Bringing unique expertise and vision to the table, the trio laid the foundation for AVA MINA GROUP, with a mission to redefine industry standards and drive Egypt’s economic growth.

Ehab Awad Vice President of AVA MINA GROUP recollects, “when I was younger, I was completely engrossed in the Egyptian history and its civilisation. I understand now that a country’s civilisation is measured through its architecture and so after graduating from university, I wanted to pursue that passion; we started our very own real estate business in 1994.” The years following the company’s inception as the Awad brothers put it were focused on building strong relationships with clients and working closely with experts in the field like architects, designers and civil engineers that would be able to make their dream come to life.

A diverse portfolio

AVA MINA GROUP’s success lies in its ability to harness opportunities across diverse sectors, establishing itself as a powerhouse in multiple industries. Over the years, the company has expanded its portfolio, encompassing real estate development, manufacturing, trading, agriculture and advertising, allowing AvaMina Group to thrive in an ever-evolving business landscape.

Ashraf Awad Chairman of AVA MINA GROUP  explained that originally the company worked on towers and skyscrapers and that the idea of creating residential compounds and resorts at that time were not yet introduced in the market. During their early years the company built 85 towers in all areas of Cairo up until the year 2004. “The following years were spent on expanding and introducing new companies that aid in the rising real estate demand for AVA MINA; we have Kiromarble for Marble & Granite, Al Batoul UAE, Ava Mina Calcium Carbonate and Strong Black for marketing solutions”.

“Kiromarble for marble and granite, stands as a distinguished industry leader, renowned for its exceptional manufacturing and export capabilities in the realm of marble and granite, is one of the companies we started together, managing to work on many projects like Dubai’s Burj Khalifa, King Abdullah University in Saudi Arabia, Bulgari Hotel in Dubai, Four Seasons Hotel in Abu Dhabi and Dubai in supplying the project our construction material in addition to many projects all over Egypt specifically Cairo’s New Administrative Capital.”

As more individuals seek better job opportunities, improved infrastructure, and enhanced amenities, cities have become magnets for migration. The resulting population growth has placed immense pressure on the housing market, leading to a surge in property prices.

Ehab Awad continued, “We started working alongside the Egyptian Government on the New Capital’s Oro Compound encompassing an area of 38 acres with 1580 residential units, a large commercial mall, a clubhouse, a mosque and a clinic tower. We started this project in the year 2022 and so far, we have completed a good 40 percent of the project’s construction work and we foresee reaching project completion three years from now.”

Al Batoul, a sister company for Kiromarble factory, is the top Egyptian limestone supplier in UAE was founded in 2000 serving as a vertically integrated company specialising in, processing and the application of natural stones and surfaces. Adding high profile projects into their portfolio like Jumeriah Palm, Kempinski Hotel, Dubai Airport Extension and more.

According to the Awad brothers they have just revealed their latest factory called Ava Mina Calcium Carbonate in 2023. Specialising in creating calcium carbonate which is a very crucial element and an integral part of more than 1000 industries like cosmetics, metal, cement and tire making.

A stable industry in an unstable world

It is crucial to acknowledge that the consistent upward trend in real estate prices has presented both opportunities and challenges. As populations expand and the urban sprawl continues to reshape our cities, the demand for housing and commercial spaces has skyrocketed. This surge in demand, coupled with limited land availability, has created a perfect storm that has propelled real estate prices to unprecedented heights.

When asked what the main challenges Ava Mina faced the brothers unanimously agreed that one of the major issues is the irregular and fluctuating prices of raw materials and construction materials due to instability of the dollar in our economy and this has affected everybody as a result in all industries.“Another challenge is the huge surge in real estate demand along with governmental delays in documentations and licensing.”

Ashraf believes that Egypt in its entirety is a promising investment opportunity for real estate, due to the increase in population and increase in demand. “The country’s new administrative Capital is a prime example of our booming real estate industry and is one that not only competes nationally but also internationally against other high-profile master planning projects.”

Ehab agrees, “as of 2023 it has been recorded that the real estate industry brought in more than one trillion Egyptian pounds. The Egyptian market in my opinion is one of the most stable ones when it comes to investing as prices have steadily gone up more than gold and stocks over the past few years.”

The power of family

As AVA MINA GROUP continues to shape industries and create lasting legacies, their commitment to excellence and social responsibility is unwavering, Ashraf claimed, “My younger brother is my source of inspiration. Together we work hand-in-hand through everything, we both complete each other.”

As the siblings put it, starting a family business has its perks and over the past thirty years running their businesses together decisions were made with trust, love and respect. Ehab concludes, “before starting this company we are brothers for life, and I hope that our children will one day continue the path that we have paved together in all industries with headquarters all over the world.”