Egypt's Sky AD to develop 430-acre residential project in Ras El Hekma
Sky AD, a subsidiary of the UAE's Diamond Group, has announced plans to develop a 430-acre plot in Ras El Hekma City on Egypt's North Coast.
The project, part of the company's broader strategy to double its investments in Egypt, will be an integrated residential and hospitality development in collaboration with a major partner and will target total sales of around EGP 240 billion ($4.8 billion), said AbdelRahman Agamy, CEO of Sky AD.
The press statement didn't disclose project timelines, cost and partner details.
Sky AD has been active in Egypt since 2021 and maintains a diverse portfolio of projects across the New Administrative Capital and New Cairo. Key developments include Residence Eight, Capital Avenue, One Residence, and the Bluetree residential and commercial project in New Cairo's Golden Square.
Diamond Group holds a total investment portfolio of $1 billion and has delivered more than 17 projects in the UAE, including residential, commercial, educational, and healthcare facilities in Abu Dhabi and Al Ain.
(1 US Dollar = 49.69 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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