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Egyptian developer Al Ahly Sabbour Developments will start construction on two new projects worth 130 billion Egyptian pounds ($2.74 billion) this year, Chairman and Managing Director Ahmed Sabbour said.
The developer has launched “Summer,” a beachfront residential project on the North Coast in Ras El Hekma, covering an area of nearly 864 acres, and At-East in Mostakbal City, spanning 181 acres in the first quarter of 2024.
The company has acquired 1,045 new acres, a 36% increase in its land bank year-on-year. This includes 181 acres in the final phase of Future City and 864 acres in Ras El Hekma on the North Coast.
The company is expanding its land portfolio, which proves that the Egyptian real estate sector is the driving force of the economy and capable of overcoming challenges, Sabbour said.
He stated that Ras El Hekma is the future of tourism investment, while Future City focuses on residential real estate investment in East Cairo.
The Summer project will have an estimated investment of over 100 billion pounds. The first phase will be launched soon, targeting total sales of 15 billion pounds in 2024.
At-East is the seventh project in Mostakbal City, with an estimated investment of 35 billion pounds. The project's first phase will consist of detached villas, twin houses, and townhouses, covering 60 acres of the total land area of 181 acres.
Sabbour expected sales from the At-East project to be 8 billion pounds in 2024.
(1 US Dollar = 49.35 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon and P Deol)
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