A UAE-based developer has revealed plans to invest nearly $1 billion in the Egyptian real estate market over the next two years.
Sky Abu Dhabi Real Estate Development, a subsidiary of Diamond Group, said the move is part of its expansion plan regionally and globally.
The company said of a total EGP15 billion ($950 million) investment, EGP4 billion will be invested in its New Administrative Capital project.
“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,” said Abdelrahman Agamy, CEO of Diamond Group and Sky Abu Dhabi Developments.
“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,” he added.