CEO of Madaar, Ahmed Ehab, announces that the company plans to pump direct investments worth EGP 5 bn in the Egyptian market during 2023, Invest-Gate reports.
The latest investments bring the company’s total investments in the Egyptian market to EGP 35 bn, Ehab says.
He adds that the company outlined expansion plans, which aims to carry out major real estate tourist and residential projects.
Furthermore, the company continues to carry out Azha Ain Sokhna’s construction, after investing billions of Egyptian pounds, to deliver new units in the coming months.
The CEO notes that Azha Ain Sokhna provides its visitors with an unprecedented experience of life as it spans over 400 feddans, with a 700m-beach front in a touristic area.
He reveals that the company completed 70% of Azha Ain Sokhna after opening Tanoak hotel, which is the first touristic hotel within the project as it aims to attract international tourism to Ain Sokhna, with investments valued at EGP 350 mn.