Sky Abu Dhabi Developments (Sky AD Developments), a subsidiary of the UAE-based Diamond Group, has launched its first project in Egypt in the New Administrative Capital.

Company CEO said Abdelrahman Agami told Zawya Projects that the yet-to-be-named mixed-use project, spread over an area of about 23 acres, would be developed at a total investment of about 4 billion Egyptian pounds ($254 million).

He said the land price was about 650 million pounds ($41 million)

He added that the two-phase 'smart project' would comprises of 1,000 residential units as well as commercial - offices and entertainment- areas.

The residential component would comprise 80 percent of the project, he said.

Agami said construction would start next week and complete by 2025, noting that the project would be financed through equity and sales.

The company is targeting 1.5 billion pounds ($95 million) in sales for 2021.

Agami said the Diamond Group and Sky Abu Dhabi Developments are planning to invest 15 billion pounds ($951 million) in the Egyptian market over the next two years.

Sky AD Developments has appointed YBA for design, Inversion for development consultancy, ACE for supervision consultancy, Hany Saad for interior design and First Abu Dhabi Bank (FAB) for mortgage services, according to the project factsheet.

(1 US Dollar = 15.77 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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