Egypt’s Pioneers Properties for Urban Development said on Tuesday it has launched phase 1 of a housing project in New Cairo.

In a bourse statement, the Company said ‘Ivoire East’ project is located on an area of 438,000 square metres in a prime location in New Cairo, a satellite city of the capital Cairo.

The project will accommodate more than 1,000 families, with expected contracted sales of an estimated 45 billion Egyptian pounds ($957 million) and investments of nearly EGP22 billion ($468 million), the statement said.

“Pioneers Properties has achieved total contracted sales of nearly EGP8.4 billion ($179 million) since the beginning of 2024 across various projects in East and West Cairo,” the statement added.

It noted that the Company is also planning to launch new phases across its projects in Ain Sokhna in the Suez Governorate and the North Coast in 2024.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.