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Jeddah - Yasmine El Tohamy - CAIRO: Sky Abu Dhabi, the real estate subsidiary of the UAE-based Emirati Diamond Group, will invest 15 billion Egyptian pounds ($950 million) in the Egyptian real estate market over the next two years.
Abdel Rahman Agamy, CEO of Emirati Diamond Company and Sky Abu Dhabi, said the company’s first project will be a 4 billion Egyptian pound investment in Egypt’s New Administrative Capital development.
He told a press conference to announce the start of the company’s business in Egypt that the project extends over an area of 24 acres and includes the establishment of an integrated urban community consisting of around 1,000 housing units.
The company plans to spend 300 million Egyptian pounds on construction of the project this year, while aiming for sales of 1.5 billion Egyptian pounds in 2021, the CEO said.
Agamy said that the value of the land on which the project is based is estimated at 650 million Egyptian pounds due to the distinctive location.
The CEO said the make-up of the company’s project was in line with the wider masterplan for the New Administrative Capital, with 80 percent of the project consisting of residential units and the remaining 20 percent for commercial use.
Sky Abu Dhabi’s portfolio of projects includes 17 projects in the UAE market.
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