Egypt - Pioneers Properties for Urban Development recorded a remarkable growth in contractual sales in 2023, reaching about EGP 20.6bn, a threefold increase from the previous year. The company also generated revenues of around EGP 5.7bn and a net profit of EGP 556m by the end of the year.

Waleed Zaki, Chairperson and CEO of Pioneers Properties for Urban Development, said that the executive management has devised a strategy to establish a solid institutional entity that can cope with various challenges and achieve positive results. He added that the real estate development sector is a vital engine for the Egyptian economy, offering attractive opportunities for both investors and developers.

The company launched several new projects in 2023 according to its growth strategy. These include Telaal East in New Cairo, Ivoire West in Sheikh Zayed, and a new phase of Telaal El Sokhna. The company also released new phases in its existing projects, such as Stone Residence, Jabal El Sokhna, The Hills, and Telal El Sahel in the North Coast.

Telaal East, which was launched in the second quarter of 2023, is located on an area of 184 feddans of prime land in New Cairo. It offers luxurious residential units that meet the highest quality standards, as well as residential, commercial, and administrative facilities.

Telaal Shores, which is part of Telaal El Sokhna, has a unique location that distinguishes it from other coastal projects. It extends along 6 kilometers of the Red Sea coast and consists of five phases on an area of 88 feddans. It provides a variety of distinguished residential units with modern architectural designs that cater to the needs of the company’s clients.

To enhance its presence in western Cairo, the company launched its new project Ivoire West in a strategic and prominent area in Sheikh Zayed city on an area of 77 feddans. The project has witnessed a high demand since its launch.

The company’s management is always keen to seize new investment opportunities to increase its land portfolio, which supports its future expansion and growth plans. The executive management also monitors the economic developments and their impact on construction costs and develops suitable pricing plans for new offerings, in line with the increase in major construction materials, Zaki said.

He also said that the company is implementing a new strategy to offer innovative real estate products that satisfy the needs of its customers through a diverse and robust portfolio of residential and commercial projects. The company aims to set new standards of excellence in the real estate development sector.

The company also focuses on maintaining and developing its human capital, as it believes in the fundamental role of human resources in driving all aspects of effective work within its subsidiaries.

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