As part of its regional and global expansion plan, Sky Abu Dhabi Real Estate Development has recently announced that it will be making investments of EGP 15bn in the Egyptian Real Estate over the period of two years.
The noteworthy investments by the company, a subsidiary of the Diamond Group which is owned by Saleh Mohamed Bin Nasra, comes on the back of its success in the United Arab Emirates real estate market.
Of the EGP 15bn investment portfolio in its new market entrance, EGP 4bn will be invested in its New Administrative Capital (NAC) project.
In a press conference on Tuesday, the CEO of Diamond Group and Sky Abu Dhabi Developments, Abdelrahman Agamy, said, “Tapping into the Egyptian real estate sector is a valuable addition to the company’s portfolio of projects and part of its strategic vision towards strengthening its growing regional presence.”
Agamy added that, “There were key driving factors behind the company’s decision to invest in Egypt.”
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He also said that the Egyptian real estate market is evidently flourishing, which can be attributed to the government’s economic vision. These can be coupled with the incentives the government has provided to stimulate foreign direct investments (FDI) which has yielded much results along with: the establishment of major national projects; development of new smart cities; and increased population growth.
Agamy said that all of these factors have contributed to encouraging the group to take this serious step of investing in Egypt. The Group also has an ambitious plan to invest and expand further in the Egyptian market.
He added that the company’s project at the NAC extends over an area of 23 feddans, which includes residential, administrative, and commercial complexes. These will be built with the latest technologies and considered as a model for smart cities.
The project is also set to provide about 270,000 direct and indirect job opportunities, which will reduce unemployment in Egypt.
Mostafa Salah El Din, CCO of Sky Abu Dhabi Developments, said that a key element of the company’s forthcoming project will be the location. This will embody the essence of premium living in one of the serene and most competitive locations in the NAC, which is the R8 district.
El Din added that “The project was also designed with greenery in mind, as green spaces comprise 82% of the total project area, while offering residential units between apartments and duplexes.”
He further said that “We have allocated 80% of the project to the residential component and 20% to the commercial component, coupled with the latest architecture elements and designs.” The project hosts a spacious outdoors area to host activities and events, as well as a Clubhouse located within walking distance of the residential units.”
Sky Abu Dhabi Real Estate Development is a subsidiary of Diamond Group, a leading UAE regional group specialised in real estate development and construction. With a diverse portfolio of projects and operations, the Group’s investment amounts to $1bn, with more than 17 projects in the UAE.
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