Egypt - AL-Qamzi Developments announced the launch of its new project, SeaZen — which spans 204 feddans — on Sunday, with investments worth EGP 14bn.
In a press conference Abdallah Al-Qamzi — Chairperson of Al-Qamzi Emirati Group — said that construction on the project will begin in October and that the first phase will be completed in 2025.
SeaZen offers 2,000 various residential units, including chalets and villas with different surface areas, Al-Qamzi added.
“We achieved several accomplishments in the Egyptian market through our projects since we started our operations in Egypt 12 years ago. Moreover, we are keen to have a strong presence in the Egyptian market through the injection of more investments in mega projects. This aligns with our expansion strategy in the coming period,” he noted.
For his part, Yasser Zidan — Executive Chairperson of AL-Qamzi Developments — revealed that the company completed the allocation procedures for the land that SeaZen will be located on, adding that the project will have a surface area of 204 acres in the North Coast near Al-Dabaa City with a beach that is 690 metres overlooking the Mediterranean Sea.
He also stated that all approvals regarding the project have been granted.
SeaZen is scheduled to be implemented over two phases, lasting about four years. The project will provide more than 4,000 direct and indirect working opportunities.
Zidan pointed out that his company has contracted DMA to carry out the construction works and engineering designs of the project.
He added that the investment opportunities in Egypt are promising, especially after the growth achieved by the real estate sector during the last years, asserting that the Egyptian economy is able to achieve more growth and attract more serious investments.
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