New UAE giant Sky AD. Developments plans to invest EGP 15 billion in Egypt
SKY AD. Developments, a subsidiary of UAE’s Diamond Group, is tapping into Egypt’s real estate market as it plans to invest 15 billion Egyptian pounds ($953.3 million) in the country within the next two years.
This is part of the company’s expansion plan regionally and globally following its monumental success in the UAE’s real estate market.
“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,” Abdelrahman Agamy, chief executive of Diamond Group and Sky Abu Dhabi Developments.
Diamond Group is a regional market leader in the UAE real estate industry with more than 20 years of international experience in different sectors. It has a diverse portfolio of projects and operations, the Group’s investment amounts to $1 billion, through more than 17 projects in the UAE.
Around 4 billion pounds out of the 15 billion pounds investment portfolio of will be invested in Egypt’s New Administrative Capital project.
Sky AD made the announcement during a press conference held on Monday, attended by a number of elite Egyptian and UAE businessmen along with the company’s top executives and Saleh Mohammed Bin Nasra, owner of Diamond Group.
“There were key driving factors behind the company’s decision to invest in Egypt. The Egyptian real estate market is evidently 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.” Agamy added.
The Group has an ambitious plan to invest and expand further in the Egyptian market.
“We are confident in the capabilities of the real estate sector in Egypt and its attractiveness to foreign investors,”
Agamy further said that 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 around 270,000 direct and indirect job opportunities, which contributes to employing more Egyptian workers, he added.
Mostafa Salah El Din, CCO of Sky AD. Developments, explained that they aim to offer an unparalleled real estate product, with unique selling propositions.
“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 the quietest and most competitive locations in the New Administrative Capital, which is the R8.” Mostafa Salah El Din, CCO of Sky AD. Developments, said.
“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 centre.”
“The project was also designed with greenery in mind, as green spaces comprise 82 percent of total project area, while offering residential units between apartments and duplexes,” Salah El Din added.
“We have allocated 80 percent of the project to the residential component and 20 percent to the commercial component, coupled with the latest architecture elements and designs.
“The project hosts a spacious outdoors 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 concluded.
Sky Abu Dhabi Real Estate Development is a subsidiary of Diamond Group; 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 billion, through more than 17 projects in the UAE.