Madaar Development to invest EGP 1bn in Azha Ain Sokhna flagship

Egypt’s real estate developer Madaar plans to invest 1 billion Egyptian pounds ($58 million) in its flagship Azha in Ain Sokhna within 2019, announced chief executive Maged Salah on Thursday.

“We also seek to post contractual sales worth 2 billion pounds from the project, which is spanning over 400 feddans, at the end of 2019,” Salah further said.

Madaar is currently executing Azha in two phases, with total investments of 13 billion pounds, he said, adding that it will include 10 villages, 4 hotels, and 2,712 housing units.

“We had implemented 90 percent of the first phase that is to encompass 1,500 housing units, with investments of around 4 billion pounds,” he referred.

As for the second phase, Madaar will start carrying out Azha within a six-month timeframe, with 1,212 housing units besides 6 billion pounds investments and 2 billion pounds sales this year, Salah said.