Sky Abu Dhabi Real Estate Development, and the subsidiary of Diamond Group, taps into the Egyptian real estate market as part of the company’s expansion plan regionally and globally following its monumental success in the UAE’s real estate market, Invest-Gate reports.
Sky Abu Dhabi makes a massive entry to the Egyptian market with an investment portfolio of EGP 15 bn for the coming two years; EGP 4 bn of which will be invested in its New Administrative Capital.
The announcement comes in a press conference held on February 2, where many elite Egyptian and UAE businessmen and the company’s top executives were present, most prominently Saleh Mohammed Bin Nasra, Owner of Diamond Group, according to a company statement.
“Tapping into the Egyptian real estate sector is a valuable addition to the company’s portfolio of projects and part of its strategic vision towards strengthening its growing regional presence,” CEO of Diamond Group and Sky Abu Dhabi Developments, Abdelrahman Agamy, comments.
“There were key driving factors behind the company’s decision to invest in Egypt. The Egyptian real estate market is flourishing, credited to the government’s economic vision, coupled with the incentives provided by the Egyptian government to stimulate FDI, the establishment of major national projects, development of new smart cities, increased population growth, all of which encouraged the group to take this serious step”, he adds.
“We are confident in the capabilities of the real estate sector in Egypt and its attractiveness to foreign investors,” Agamy notes.
The project extends over an area of 23 acres, including residential, administrative, and commercial complexes to be built with the latest technologies and considered as a model for smart cities. It also provides about 270,000 direct and indirect job opportunities, which contributes to employing more Egyptian workers.
On his part, Mostafa Salah El-Din, CCO of Sky Abu Dhabi Real Estate Developments, explains their aim is to offer an unparalleled real estate product, with unique selling propositions. “We are setting new living standards in the real estate development sector that will guarantee we remain ahead of the curve. The forthcoming project of Sky Abu Dhabi’s key element will be the location, as it will embody the essence of premium living in one of the quietest and most competitive locations in the New Administrative Capital, which is the R8. This location is surrounded by the diplomatic quarter from the west, the open club from the north, and the Green River from the south near the city center.”
“The project is also designed with greenery in mind, as green spaces comprise 82% of the total project area while offering residential units between apartments and duplexes,” he adds.
“We have allocated 80% of the project to the residential component and 20% to the commercial component, coupled with the latest architecture elements and designs. The project hosts a spacious outdoor area to host activities and events, as well as a Clubhouse located within walking distance of the residential units. The project is not just a place to live, more of a living experience that is vibrant with life.” Salah El-Din highlights.
Sky Abu Dhabi Real Estate Development is a subsidiary of Diamond Group; a leading Emirati regional group specialized in real estate development and construction. With a diverse portfolio of projects and operations, the Group’s investment amounts to USD 1 bn, through more than 17 projects in the UAE.