Egyptian developer Naia Real Estate Development Company plans to invest 30 billion Egyptian pounds ($1.2 billion) in real estate projects over the next three years.

The company is planning to launch ‘Naia West’ project in West Cairo in the first quarter of 2023, drawing on the experiences and learnings from its under-construction ‘Naia Bay’ project in Ras El Hikma, North Coast, a top company official said.

Chairman Hisham El-Danasoury told Zawya Projects that Naia West would be developed over 140 acres of land in New Sheikh Zayed at a total investment of 11 billion pounds ($450 million) and include villas, apartments and commercial units.

He said Phase 1 would span 50 acres and comprise 70 residential units, adding that the company’s investments in Naia Bay and Naia West total 19 billion pounds ($777 million).

Mohamed Farag, Head of the Commercial Sector told Zawya Projects that Naia Bay’s construction is on track with Phase 1 expected to be delivered by 2024.

He said all the units in Phase 1, which represents 30 percent of the total units, have been sold.

“Rest of the phases are expected to be launched from summer 2023, and the entire project will be completed within three years,” he said.

“Our 250-acre project portfolio is distributed between Naia Bay and Naia West projects,” he said, adding that investments in the Naia Bay project to date amount to about 7 billion pounds ($286 million).

Farag disclosed that the company is negotiating with an international operator to manage a 300-key 5-star hotel and a commercial area with 30 brands in Naia Bay.

(1 US Dollar = 24.45 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)