PHOTO
Egyptian developer Inertia plans to deploy 3 billion Egyptian pounds ($97 million) in construction works in 2024, the company's CEO said.
Ahmed ElAdawy said the delivery target for 2024 is 700 units out of which 500 units would be from the Jefaira project.
Jefaira, located on the North Coast and spanning over 5.8 million square metres (sqm), offers villas, twin houses, townhouses, chalets, and studios.
To finance the investment costs of Jefaira, Inertia secured a bridge loan of EGP850 million ($28 million) from Banque Misr and Banque Du Caire.
ElAdawy further noted that the company anticipates EGP8.2 billion ($266 million) in sales revenue from its projects this year, particularly following the launch of new units in Fifty7 and Joulz projects.
He said the company's portfolio, to date, comprises eight diverse projects in terms of both activities and locations. Six of these projects, ranging from residential to commercial, have already been completed in Cairo and the Red Sea. These include:
1. Soleya: A 19-acre, 172-unit integrated residential project in West Cairo, featuring apartments, townhouses, twin houses, and villas.
2. Joulz: An integrated residential project located on the Cairo-Alexandria Desert Road, offering 1,152 residential units, including apartments, townhouses, twin houses, and separate villas. The first and second phases with a total of 570 units have been delivered.
3. G-Cribs Phase I & II: An integrated residential project in El Gouna, featuring 330 units ranging from studios to residential apartments.
4. Veranda: An integrated project in Sahl Hasheesh, featuring 193 units.
5. Medipoint Sheikh Zayed: A medical commercial project encompassing 29 clinics spread over 3,000 square meters in Sheikh Zayed City.
6. West Hills: An integrated residential project offering 98 units, including apartments and duplexes.
(1 US Dollar = 30.90 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
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.
