EGYPT – Sky Abu Dhabi Real Estate Development has announced that it will be making investments of EGP15 billion (US$950m) over two years in the Egyptian market as part of its regional and global expansion plan.
The significant investments by the company, a subsidiary of the Diamond Group owned by Saleh Mohamed Bin Nasra, comes on the back of its success in the UAE real estate market.
Of the company’s EGP15 billion (US$950m) investment portfolio in its new market entrance, EGP4 billion (US$250m) will be invested in its New Administrative Capital (NAC) project.
CEO, Diamond Group and Sky Abu Dhabi Developments
“Tapping into the Egyptian real estate sector is a valuable addition to the company’s portfolio of projects and part of its strategic vision towards strengthening its growing regional presence. There were key driving factors behind the company’s decision to invest in Egypt,” CEO of Diamond Group and Sky Abu Dhabi Developments, Abdelrahman Agamy, said in a press conference.
He also said that the Egyptian real estate market is evidently flourishing, which can be attributed to the government’s economic vision.
These can be coupled with the incentives the government has provided to stimulate foreign direct investments (FDI), along with the establishment of major national projects; development of new smart cities; and increased population growth.
Agamy noted that all of these factors have contributed to encouraging the group to take this serious step of investing in Egypt. The Group has an ambitious plan to invest and expand further in the Egyptian market.
He added that the company’s project at the NAC extends over an area of 23 feddans, and includes residential, administrative, and commercial complexes. These will be built with the latest technologies and considered as a model for smart cities.
The project is also set to provide about 270,000 direct and indirect job opportunities, which will contribute to employing more Egyptian workers.
Mostafa Salah El Din, CCO of Sky Abu Dhabi Developments, said that a key element of the company’s forthcoming project will be the location. This will embody the essence of premium living in one of the quietest and most competitive locations in the NAC, which is the R8 district.
“The project was also designed with greenery in mind, as green spaces comprise 82% of the total project area, while offering residential units between apartments and duplexes,” Salah El Din added.
“We have allocated 80% of the project to the residential component and 20% to the commercial component, coupled with the latest architecture elements and designs,” he said, “The project hosts a spacious outdoors area to host activities and events, as well as a Clubhouse located within walking distance of the residential units.”
Sky Abu Dhabi Real Estate Development is a subsidiary of Diamond Group, a leading UAE regional group specialised in real estate development and construction. With a diverse portfolio of projects and operations, the Group’s investment amounts to US$1 billion, through more than 17 projects in the UAE.