UAE property firm Sky to invest around $1 billion in Egypt by 2023

Property firm Sky Abu Dhabi Developments said it looks to invest 15 billion Egyptian pounds ($959 million) in Egypt in the next two years, including over four billion pounds in two projects by the end of 2021.

“We are now in the final stages of negotiations. One of them will be in the North Coast and the other in New Cairo,” Sky Abu Dhabi Developments’ chief executive Abdulrahman Agami told Reuters in an interview at his company’s headquarters east of Cairo.

The UAE company is looking to benefit from long-standing momentum in the real estate sector in Egypt, which is trying to allure more foreign direct investment (FDI) into property and other parts of the economy.

Sky, a subsidiary of United Arab Emirates-based Diamond Group, set up in Egypt in February 2021 and has launched its first project in March in the country’s new administrative capital, a grandiose new seat of government in east of Cairo.

As Sky bought 23 feddans (96,600 square metres) of real estate in the new administrative capital in March 2020 at 5,500 pounds per square metre, the company expects to invest a total of four billion pounds in the project. From this project, it expects sales of about 4.4 billion pounds and delivery beginning in 2024.

Sky’s project in the new capital involves 1,000 housing units and 15,000 square meters of commercial and office space.

The company has already sold more than 1 billion pounds of housing units and will reveal the start of sales in the office and commercial part in September, Agami said.

Prices of Sky’s housing units in the Egyptian new capital start at 1.4 million pounds.