Egyptian developer DIG will invest one billion Egyptian pounds ($21 million) in construction work throughout 2024, the company’s chairman Hussein Salah told Zawya Projects.

Salah's announcement comes alongside news of a partnership with Al-Tabarak Construction Engineering Works. This collaboration aims to accelerate existing projects in East and West Cairo, while also paving the way for new developments.

He said DIG is currently undertaking several mixed-use projects in the New Administrative Capital, including Tracks 10, 12, 14, and 20. The 11-storey Track 10 project and 15 storey Track 14, spread over an area of 2,500 square metres each, is scheduled for delivery by 2025.

The company is also developing the Z4 Janna Zayed project in western Cairo.

DIG highlighted its commitment to the New Administrative Capital (NAC), with Hany Helmy, Managing Director, emphasising the master development’s ongoing appeal to both developers and investors. Helmy pointed to the significant gains achieved by those who invested in the project and expressed confidence in the market's continued strength.

He also anticipated a period of price stability in the coming months, encompassing both building materials and real estate, adding that any increases in unit prices would be reasonable and logical, avoiding the sharp rises experienced in 2023.

Mohamed Fawzy, Executive Director, revealed plans to launch a new project in the NAC within the next few weeks. Additionally, the company intends to introduce a residential project by year's end, though specifics remain undisclosed.

He said DIG achieved EGP3 billion ($63 million) in sales revenue for 2023 and aims to repeat that performance in 2024.

Mohamed Hassan Othman, Managing Director of Al-Tabarak Construction Engineering Works, expressed optimism about the partnership's potential for launching impactful projects. Othman highlighted Al-Tabarak's 28-year history of success across various governorates in Egypt, encompassing residential, commercial, hospitality, healthcare, and educational projects. The company also has ambitions to extend its reach into Saudi Arabia and Libya.

(1 US Dollar = 47.41 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)


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