Building on the success of Residence Eight, Sky AD. launches its second project, Capital Avenue, at the New Administrative Capital (NAC), the largest commercial project strategically located in R8 district, Invest-Gate reports.
As part of its ambitious plans to provide its customers in Egypt with integrated residential and commercial projects, Sky AD. Developments, the subsidiary of Diamond Group, one of the leading real estate developers in the UAE, announces the launch of Capital Avenue at the New Administrative Capital as its second project in the Egyptian market. The new launch stems from the company’s belief in the strong capabilities of the Egyptian real estate sector and its attractiveness to foreign investors.
Spanning an area exceeding 21,000 sqm, Capital Avenue is located in a prime location in R8 district, where it will embody the essence of premium living in one of the quietest and most competitive locations in NAC, overlooking the diplomatic area from the east, and the Green River from the south near the city center.
The state-of-the-art design of the project provides mixed-use buildings suitable for F&B, clinics, retail, and administrative offices to meet the clients’ needs. In addition, the project has water features, a central promenade, an outdoor café area, to provide an exceptional shopping and entertainment experience to the new capital residents and visitors.
Besides the multiple entertainment facilities of the project, Capital Avenue provides administrative offices of various sizes to meet the growing demand in East Cairo, which is an opportunity to attract the biggest foreign companies that are on the hunt for administrative headquarters with integrated designs and services in Egypt.
CEO of Diamond Group and Sky AD. Developments Abdelrahman Agami explains that the company aims to offer an unparalleled real estate product with unique selling points. “Sky AD. has made tremendous efforts to launch Capital Avenue by the beginning of 2022 to assert our commitment to the previously announced plan. In addition, the success of our first project, Residence Eight, coupled with the support we received from the Egyptian government contributed to accelerating the execution pace of our plans to increase our investment in the local market that is witnessing remarkable development with a positive outlook for growth from global institutions,” he says.
“By launching Capital Avenue, Sky AD. aims to fill the gap between the demand on mixed-use projects particularly in the East of Cairo and the supply and meet the growing demand expected from the move of the Egyptian government to the New Administrative Capital. We are set 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 adds.
Mostafa Salah, CCO of Sky AD. Developments, comments on the new launch by saying, “Aiming to maintain SKY AD. positioning as the fastest company to launch and execute projects in the New Administrative Capital, Sky AD. Developments plans to deliver the first units of Capital Avenue during the third quarter of 2025. The fast-paced plans leverage on the great expertise Diamond Group has as the leading Emirati real estate developer with a wide portfolio of projects and activities amounting to more than 17 projects in the UAE and an investment size of USD 1 bn.”
Capital Avenue is considered the first commercial project for Sky AD. Developments in 2022 and the second project for the company in Egypt in The New Administrative Capital particularly. This comes as a continuation to the huge success of its first project, Residence Eight, which achieved contractual sales that exceeded EGP 1.7 Billion in less than a year of its launching.