With Egypt being one of the most populous countries in the region, the firm looks to benefit from the momentum in the real estate sector there.
Abu Dhabi-based real estate firm, Sky Abu Dhabi Developments is set to invest up to 1 billion USD (valuing almost 15 billion Egyptian Pounds) over the course of the next two years in Egypt. They have announced that they will primarily focus on two projects - one on the North Coast and another in Cairo. With Egypt being one of the most populous countries in the region, the firm looks to benefit from the momentum in the real estate sector there. Sky is a subsidiary of UAE-based Diamond Group. It set up its headquarters in Egypt in February 2021 and launched its first project in March in the country’s New Administrative Capital. With its current project in the capital comprising 1,000 housing units and 15,000 square meters of commercial and office space already in full swing, the firm plans to announce sales of the commercial segment in September. A majority of the housing units within the project have already been sold.
Tags: Real Estate, Property Development , Investment