ICEC

Wadi Degla eyes $677mn in Sales for 2016

Egypt-based real estate developer Wadi Degla Developments expects its sales revenues  to record 6 billion pounds during the current year with an increase of 50 percent compared to last year, said Amr Al Kady, deputy CEO of Wadi Degla Tuesday.

The company is currently developing 17 real estate projects in various governorates across Egypt, including the Western North Coast, Ain Sokhna, and Hurghada. According to Al Kady, the company is taking steps to offer its shares on the Egyptian Exchange but is holding off until the financial market stabilizes and encourages IPOs.

Land owned by the company is estimated at 6.5 million square meters across seven regions in Egypt. Approximately 70% of the land acquired in East Cairo was purchased by the company, which has constructed 30,000 residential units to date.

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