Egypt’s Madaar Development will invest 5 billion Egyptian pounds ($162 million) during 2023 in existing and new projects, bringing its total investments in the country’s real estate sector to EGP35 billion ($1.1 billion), the company CEO said.
Ahmed Ehab told Zawya Projects that the company is planning to announce new touristic and residential projects this year, and a new phase of its ongoing Azha Ain Sokhna project on the Red Sea coast.
The 400-acre mixed-use project currently comprises 150-key Tanoak Hotel, developed at an investment of EGP 350 million ($11 million).
“We will be adding four new hotels in the coming years,” Ehab disclosed.
Recently, the resort completed a 20-acre Crystal Lagoon and a 5-acre Central Park within the development.
He said Madaar will launch this year a new residential phase within Azha Ain Sokhna, comprising 500 luxury residences, at a total investment of EGP7 billion ($226 million).
Ehab said the company will also launch the construction of 250-acre Azha North, located in Ras Al-Hikmah Bay on the North Coast. The project is being developed at a total investment of EGP 25 billion ($808 million).
Madaar is also looking to launch a new residential project in Sheikh Zayed in the Sixth of October City by the end of this year, Ehab said but declined to give more details.
Dalila El Shaer, Madaar’s Head of the Development said Azha Ain Sokhna will eventually include 2,500 residential units, and these would be built using sustainable materials and standards.
(1 US Dollar = 30.95 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)