Saudi Egyptian Developers (SED), one of the leading companies in the real estate market, announces its newest project in Fifth Settlement, New Cairo, Invest-Gate reports.

The project extends over an area of 21.6 acres (91,000) sqm, with a total investment spending of EGP 2.8 bn, according to a company press release on March 21.

CEO Mohamed Al-Taher assures that the newly-acquired land is another milestone in the company’s continuous series of accomplishments since its commencement in 1975. During that period, SED has executed 44 residential, administrative, commercial as well as touristic projects. Al-Taher adds that SED is currently spending around EGP 19 bn on the projects at hand.

Moreover, the company’s CEO says, “We have managed to highly increase our sales rate during the past two years, in spite of the unprecedented drawbacks of COVID-19.”

He further illustrates that the company has surpassed the EGP 1.8 bn mark in 2019, achieving a staggering 575% growth rate in comparison to the year before. In 2020, SED managed to top its sales yet again, reaching a steady EGP 5.6 bn and achieving a 310% growth increase. In addition, the company’s sales performance during 2021’s Q1 reached EGP 1 bn, compared to a mere 383 mn in 2020’s Q1, and achieving a 275% growth. This massive potential and the impressive ability for growth showcase SED’s solid presence in the local real estate market.

Al-Taher further reveals that the company conducted extensive market researches, which in return resulted in an EGP 8-bn multi-use complex. Moreover, he unfolds that SED’s newest project extends over 160,000 sqm, including a commercial complex, administrative offices, clinics, and medical centers, along with entertainment and walking venues. The project will have comprehensive transportation services and meeting points; as well as a five-star hotel.

Furthermore, Al-Taher highlights that the project taps on great strategic goals, where it will serve – upon finalizing – more than 1 mn residents. This number is expected to grow to 6 mn people by 2030.

The project will allocate between 2,000 to 3,000 direct and indirect job opportunities, aligning with President Abdelfattah Al-Sisi and the government’s aims to combat youth unemployment, the statement concludes.