Arabia Developments, a subsidiary of Arabia Holding and a leading urban developer in Egypt, has launched the Elora project in the new Sheikh Zayed City, spanning 228 feddans with a total investment of EGP 20 bn, Invest-Gate reports.
This move aligns with the company’s strategy to expand its real estate investments in Egypt, meeting the demand for its projects and adding a new real estate destination to its portfolio to diversify according to customer needs.
Moreover, this initiative falls within the company’s vision to contribute significantly to Egypt’s National Strategic Plan for Urban Development 2052 by increasing the inhabited area to 14%.
Also, it reflects confidence in the Egyptian real estate sector’s ability to overcome global economic challenges and fulfill the group’s role in providing job opportunities for thousands of youth.
Furthermore, the Elora project boasts a strategic location near main roads and axes in the new Sheikh Zayed City, directly on the Dahshur axis and the Middle Ring Road, facilitating easy access. With a modern design tailored to customer requirements, the project comprises 3,600 diverse residential units.
For his part, Tarek Shoukry, Chairman of Arabia Developments, stated that the company has ambitious investment plans for 2024, aiming to develop existing projects and launch new ones in distinguished urban destinations.
“The launch of Elora in the new Sheikh Zayed City marks the beginning of this plan, which is expected to become a landmark in western Cairo. The company aims to be among the first to invest in the city, offering customers a unique modern living experience,” Shoukry added.