CAIRO: Sky Abu Dhabi Developments, a subsidiary of the UAE-based Diamond Group, was aiming to achieve sales this year of around 1.5 billion Egyptian pounds ($100 million) at its residential project in the New Administrative Capital, according to a senior company executive.
Mustafa Salah, chief executive officer of the commercial sector at Sky Abu Dhabi Developments, said the property firm had made EGP700 million in contractual sales from the project so far, of which EGP250 million had been invested this year.
The company’s project in the New Administrative Capital is located on 23 feddans (23.87 acres) in the R8 area and includes 1,000 housing units with a total investment of EGP4 billion.
Abdelrahman Agamy, CEO of Diamond Group and Sky Abu Dhabi Developments, said that the firm planned to invest EGP15 billion in the Egyptian market within two years, adding that it was studying new investment opportunities in the New Administrative Capital in light of demand for its existing project.
It was also looking at potential investment opportunities on Egypt’s northern coast and in east Cairo, with land areas ranging from 50 to 100 feddans.
The Diamond Group was established in 1978 and has a portfolio of around 17 projects in the UAE valued at around $1 billion.
