Sky Abu Dhabi Developments (Sky AD. Developments), a subsidiary of Abu Dhabi-based Diamond Group, has launched 'Capital Avenue,' its second project in the New Administrative Capital (NAC).
The company said in a press statement that the commercial project will be developed over an area exceeding 21,000 square metres and include offices, stores, and food and beverage units.
The company's first project in the NAC, the 4-billion-Egyptian-pound 'Residence Eight' ($255 million), was launched in February 2021.
CEO Abdelrahman Agami said Capital Avenue aims to fill the demand-supply gap for mixed-use projects in the East of Cairo.
"We aim to provide a different level of mixed-use projects that have state-of-the-art designs and high-end administrative services that cater to the needs of global companies seeking to move their headquarters to Egypt and provide an integrated shopping experience for our clients," he said.
CCO Mostafa Salah said the company will aim to deliver the first units of Capital Avenue during the third quarter of 2025.
In March 2021, Zawya Projects had reported that the company had set a target of developing a real estate portfolio of 15 billion pounds ($955 million) over two years.
The statement claimed that Residence Eight had achieved sales that exceeded 1.7 billion ($108 million) in less than a year of its launching.
(1 US Dollar = 15.70 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
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