Egypt-based Sky AD Developments has acquired a 75-acre land plot in the Sixth Settlement area of New Cairo, in line with the company’s plan to expand its land bank in high-growth locations across the Egyptian real estate market.

The developer said in a statement that the new project is scheduled to be launched in 2026 and will include a mixed-use development combining residential and commercial components.

Cost and completion timelines weren't disclosed.

The acquisition builds on the company’s expansion in East Cairo following the launch of its Blue Tree project in the Golden Square district.

Abdelrahman Agami, CEO of Sky AD Developments, said the company selected the site based on long-term market fundamentals rather than short-term demand trends.

He added that the company is also studying further expansion opportunities in West Cairo as part of its long-term growth plan in Egypt.

Sky AD Developments is the real estate arm of UAE-based Diamond Group and has an investment portfolio valued at about $1 billion. The company entered the Egyptian market in 2021. Its projects in Egypt include Residence Eight in the New Administrative Capital, the Capital Avenue commercial development, Blue Tree and Blue Walk in New Cairo, and the Sky North coastal project in Ras El Hekma on the North Coast.

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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