Egypt’s Al Ahly Real Estate eyes 7.5 bln pounds contractual sales from projects at year-end

Egypt’s Al Ahly for Real Estate Development says it targets contractual sales of 7.5 billion Egyptian pounds ($424.3 million) at the end of 2018 from its flagships up from 2.5 billion pounds during the same period in 2017.

Ahmed Sabbour, Al Ahly’s managing director, said Tuesday that his company has launched City of Odessa project’s first phase in New Cairo by early March 2018, in partnership with the country’s El Mostakbal for Urban Development.

“The residential complex (City of Odessa) is being carried out on a space of 578 feddans, with initial investments worth around 32 billion pounds” Sabbour noted.

The Egyptian official added that City of Odessa will include the implementation of a fully-fledged project that is set to comprise residential, commercial, and entertainment parts, besides a central business district (CBD) over 50 feddans.