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Egyptian developer Wadi Degla Developments (WDD) is looking for opportunities to expand within the country, its deputy CEO said.
Raymond Ahdy told Zawya Projects that the company has been scoping opportunities in various governorates and has zeroed in on Assiut, Minya and Damietta governorates. It is also planning new projects in Greater Cairo, Upper Egypt, North Coast and Red Sea regions in alignment with the government’s urban expansion plans.
Additionally, WDD is also planning to venture beyond residential market to commercial and hospitality markets, he said.
WDD has developed 4.5 million square metres (sqm) out of its 5.5 million sqm land bank, and is negotiating to buy more plots, Ahdy said.
The developer recently launched Club Town, a 70-acre residential project in Maadi, at a total investment of 1.5 billion Egyptian pounds ($61 million).
(1 US Dollar = 24.75 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
