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Egyptian real estate developer Ghoniem Developments Group is planning to launch major retail, office and tourism projects in 2026 supported by a strong land bank, self-funded construction model and decades of contracting experience, the company CEO said.
In an interview with Zawya Projects, Islam Ghoneim said the company’s roadmap includes residential as well as a retail plus offices development in Mokattam in south east Cairo alongside a large-scale tourism project in Ras Sudr on the Red Sea coast.
Ras Sudr tourism project
In the tourism segment, the group is advancing a coastal development in Ras Deheisa in Ras Sudr, spanning 150 acres with a two-kilometre beachfront.
Ghoneim said construction of the first 50-acre phase is nearing completion despite the project not yet being formally launched.
“The entire development is fully self-financed, reflecting our strong cash position,” he said, noting that the Red Sea destination has remained undervalued despite its geographical potential.
“Ras Sudr is one of the best destinations worldwide for sailing and diving, yet it hasn’t received the attention it deserves,” he said. “That’s why we invested in a distinctive project in Ras Deheisa”
The project is scheduled to be launched under a new brand identity in September 2026, with forecasted Phase 1 sales of around EGP 25 billion ($534 million).
Upper Mokattam expansion
Ghoneim said 2026 will see the launch of Phase 3 of The Novelist residential compound and a retail and office development in Mokattam.
The Novelist, spans 30 acres and comprises 1,694 units ranging from one-bedroom apartments to duplexes. Located overlooking the new Mokattam Corniche and the Abdel Meguid Mahmoud Axis, the development follows a low-density masterplan, with built-up areas capped at 30 percent.
“Upper Mokattam is a promising area, but it lacks fully integrated residential compounds,” Ghoneim said. “We wanted to introduce an affordable luxury product that combines residential, commercial, administrative, medical, educational, and recreational components.”
Sales for the first and second residential phase began in the second half of last year with around 630 units sold to date. The full scheme will be delivered across five phases, with completion targeted for 2029.
Additionally, 10 acres have been earmarked for retail, officer and medical units fronting the Mokattam Corniche, with launch planned for April 2026.
Disciplined growth
Despite its expanding portfolio, Ghoneim said the group remains focused on disciplined growth.
“Our group did not start as a real estate developer in the traditional sense,” Ghoneim said. “We are fundamentally a product of the contracting and infrastructure school, which gives us a different perspective on execution, timelines, and credibility.”
The private developer traces its origins to EFKO, founded by Kamal Ghoneim to 1968, which delivered power plants, water infrastructure and urban development works across multiple Egyptian cities including Mokattam, Sadat City, El Shorouk, Badr and the North Coast.
“We prioritise quality execution over aggressive expansion,” he said, adding that the company’s target for 2026 is contracted sales of around EGP 11 billion ($235 million).
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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