Sky Abu Dhabi Developments, the subsidiary of Diamond Emirates Group acquires ​​50 acres in New Cairo and plans to implement an integrated urban project in partnership with the New Urban Communities Authority, Invest-Gate reports.

The company won the plot of land with EGP 12,000 per meter, after strong competition with Pyramids Developments and Urbnlanes Developments. This levells up the total value of the land to EGP 2.5 bn, to become the highest price in New Cairo.

Additionally, Sky Abu Dhabi paid EGP 12,000 per sqm and other companies offered prices ranging between EGP 8,000 and 10,000 per sqm.

This is the third project for Sky Abu Dhabi in Egypt after Residence Eight, which is a residential project in the NAC, and Capital Avenue, which is a commercial project on an area of ​​21,000 sqm in the R8 area.