City Edge Developments (CED) has inked a strategic memorandum of understanding (MoU) with Sky Investments to allow the company to take part in the marketing, leasing, and property management of brands in CED’s project in Sheikh Zayed, Invest-Gate reports.

Under the MoU, the two companies will participate in financing, construction, marketing, selling, or leasing of CED’s future projects and any new activities and operations, whether at the residential, commercial, administrative, hotels, or recreational levels, according to the company’s press release on June 15.

Ashraf Salman, chairman of the board of directors at City Edge Developments, states that “The signing comes as part of CED’s strategic plan, aiming at expanding the scope of its investments, establishing more partnerships with big entities operating in the real estate sector at the regional level, and working to achieve investment returns that will be beneficial to its stakeholders and consumers.”

On his part, Mohamed El-Mekkawy, CEO of City Edge Developments, comments, “The cooperation with Sky Investments aims to maximize the value of City Edge projects by relying on companies specialized in the field of project management, leasing and property management for brands, to achieve respectable investment returns for these projects as a result of professional management, and exploitation.”

Moreover, Ayman Fathy Hussein, chairman of Sky Investments, remarks that “We have many investment activities and businesses in Egypt across various industries, including energy, logistics, real estate, and tourism,” adding that “We aim to achieve high investment returns with our partners. By signing a memorandum of understanding today with City Edge, we aim to maximize our investments through one of the most important and largest real estate developers in Egypt.”

Ahmed Shalash, CEO of Sky Investments notes that “The company will make the most of the opportunity with City Edge by harnessing all its capabilities, and working on integrating experiences between the two large entities to maximize the investment return on their projects.”

The MoU is announced at a major press conference held by the two companies on June 15. The event is attended by Ashraf Salman, Chairman of City Edge Developments, Mohamed El-Mikawi, CEO of the company, Ayman Fathy Hussein, Chairman of the Board of Directors of Sky Investments, and Ahmed Shalash, CEO of the company, in addition to media representatives and real estate investors.