Wadi Degla to Record EGP 6B in Sales for 2016

Tuesday, 2nd August 2016

Egypt-based real estate developer Wadi Degla Developments expects its sales revenues record EGP 6 billion during the current year, marking a 50% increase compared to last year, said Amr Al Kady, deputy CEO of Wadi Degla,  Al Mal News reported.

The company is currently developing 17 real estate projects in various governorates across Egypt, including the Western North Coast, Ain Sokhna, and Hurghada, according to Daily News Egypt.

According to Al Kady, the company is taking steps to offer its shares on the Egyptian Exchange but is holding off until the financial market stabilizes and encourages IPOs.

Land owned by the company is estimated at 6.5 million square meters across seven regions in Egypt. Approximately 70% of the land acquired in East Cairo was purchased by the company, which has constructed 30,000 residential units to date.

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