CEO of City Edge Developments (CED) Amr El Kady has revealed that his company’s revenues touched EGP 20 bn over the course of 20 months, Invest-Gate reports.

On the sidelines of the annual Al Mal GTM real estate debate, held on November 3, El Kady said the amount was generated from CED’s megaprojects in Egypt’s new cities, namely New Administrative Capital (NAC), New Alamein, New Mansoura, and Sheikh Zayed.

North Edge Towers, CED’s flagship development in New Alamein, has the lion’s share of such massive profits. Last year, revenues from these towers reached EGP 8.5 bn, followed by an additional 1000-unit sale, which logged earnings of extra EGP 6.5 bn, according to the CEO.

Following the fruitful sale of North Edge Towers, CED kicked off another three projects in the new coastal city during the current year, including Mazarin, The Gate, and Downtown Alamein, which are slated for delivery in 2020.

As for its coastal project in New Mansoura, the developer has profited over EGP 2bn, selling out its initial phases in 2018 as well as Q1 2019.