Egypt: MBG develops $323mln co-development with NUCA in Ras El-Bar

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Egypt - MBG Developments has launched Dorra Bay, a co-development project with the New Urban Communities Authority (NUCA), in Ras El Bar city, Damietta governorate. The project covers 42 feddan and includes 2,000 residential, commercial, and serviced units, a hotel, a commercial mall, and swimming pools, according to Chairperson Mahmoud Al Adl.

The project, designed by Yasser Al Beltagy Architects (YBA) and with interiors by Hany Saad Innovations, has received ministerial approval and is awaiting building permits. Al Adl said that the project’s investments amount to EGP 10bn and that the company plans to start construction by the end of the first quarter of next year.

The company has offered the first phase of the project, which comprises 500 units and expects to deliver the entire project within four years.

Al Adl also revealed that MBG’s current investments in Egypt’s real estate market total approximately EGP 50bn, including five projects in New Administrative Capital with a combined area of around 200 feddan, as well as the partnership project with NUCA.

He added: “The company has acquired a new plot of land in New Administrative Capital with an area of 65 feddan, which will be the company’s fifth project in the Administrative Capital. It will be a residential and commercial project. Furthermore, MBG plans to begin delivering units in the Pukka project, the company’s first project in the New Capital, next year.”

He concluded that Egypt’s real estate market offers strong and diverse investment opportunities that attract serious real estate companies to invest more and that the government supports the real estate sector and helps it overcome challenges. He emphasized that real estate remains a haven for investment, regardless of the challenges.