City Edge Developments (CED) has revealed its vision and strategic role in supporting the state-run national projects during its annual roundtable on October 7, Invest -Gate reports.

“We have a clear vision of setting a new definition for fourth-generation cities to maximize Egypt’s competitiveness to attract further investments. CED aims to gradually increase its annual sales to record sales of EGP 30 bn annually within three years from now,” Ashraf Salman, the company’s chairman, was quoted as saying in a recent press release.

The Egypt-based company has already achieved contractual sales of EGP 10.5 bn by the end of 2019, compared to EGP 8 bn a year ago, Salman confirmed.

He further added that CED seeks to be a general developer within three years, while bidding to shift to a holding company by the end of 2023, adding that it is working on several axes, namely real estate development, in addition to marketing projects for the New Urban Communities Authority (NUCA).

According to Salman, CED’s land portfolio stands at 700,000 square meters. This comes on top of its west Cairo projects, “Etapa” and “Etapa Square,” not to mention the 300,000 square meters that were recently acquired from NUCA in a prime location in New Cairo.

On his part, CEO of CED Mohamed El-Mikawi uncovered that the company intends to pump investments worth EGP 3 bn into its ongoing projects next year, pointing out that EGP 850 mn worth investments were pumped into Etapa and Etapa Square projects in 2020.