DOUBLING DOWN

Shamel Aboul Fadl, Executive Chairman of Egypt-based Bonyan, has led the real estate investment company since 2018, as it has grown its portfolio from one single asset to 10 prime real estate properties. Now, he is steering the firm toward its next milestone, an EGX IPO.

- HAGAR OMRAN

As Egypt advances economic reforms, currency liberalization, and infrastructure expansion, its commercial real estate sector is emerging as one of MENA’s key investment frontiers. With demand climbing from regional and multinational tenants, Egypt is attracting institutional capital seeking exposure to North Africa’s property market, which Statista expects to grow by 5.4% to nearly $6.6 trillion by 2029. “Real estate has been, and continues to be, the leading asset class in Egypt. It serves as a hedge against inflation and the depreciation of the local currency,” says Shamel Aboul Fadl, Executive Chairman of Cairo-based real estate investment company, Bonyan.

Founded in 2007 by Qalaa Holdings, Bonyan was acquired in mid-2018 by U.A.E.-based Sky Realty, a subsidiary of Compass, which is a private equity firm founded and chaired by Aboul Fadl. At the time of the acquisition, Bonyan held just one asset: a specialized furniture mall with a gross leasable area of 30,000 square meters. From there, the company began expanding. Today, the company’s portfolio includes 10 prime properties across Greater Cairo, comprising 74% office and 26% retail space. Bonyan operates independently and actively scans the market for strategic bulk acquisitions, with an approach designed for agile decision-making, capital efficiency, and market responsiveness. As of March 2025, it had a gross leasable area of more than 100,000 square meters, and its assets were worth over $330 million.