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Madaar To Invest $161mln In Egypt’s Real Estate Market | |
| Sumita Pawar |
According to the news, CEO of Madaar Ahmed Ehab has announced that the company plans to direct investments worth EGP 5bn in Egypt’s real estate market in 2023, bringing its total investments to EGP 35bn.
He added that the company has outlined expansion plans, which it aims to carry out major real estate touristic and residential projects. These projects will be part of the company’s investments, which started with executing the Azha Sokhna in 2015.
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He said that the company continues to carry out Azha Sokhna’s construction, after investing billions of Egyptian pounds, to deliver new units in the coming months.
Further noted that, Azha Sokhna’s resort was the core of the company’s investments in the Egyptian real estate market as Ain Sokhna is one of the most important coastal cities in Egypt and the Middle East, mentioned the report.
It added, the CEO of Madaar pointed out that Azha Sokhna spans over 400 acres, with a 700m-beach front in a touristic area, pointed out that the company succeeded in building and developing 70% of Azha Ain Sokhna after opening Tanoak hotel, which is the first touristic hotel within the project as it aims to attract international tourism to Ain Sokhna, with investments valued at EGP 350m.
Tanoak hotel includes 150 units, as the company will finish building four other hotels in the upcoming years, Ehab disclosed, elaborated that Azha Sokhna resort witnessed the launch of Crystal Lagoon’s first phase, providing more than 6-kilometer sandy beaches with an area exceeding 20 acres.
He explained that Azha North, Madaar’s newest star, is scheduled to start construction during the ongoing year with investments worth EGP 25bn.
According to the report, Azha North spans over 250 acres (1 million sqm) and is located in Ras Al-Hikmah Bay in the North Coast.
For her part, Dalila El Shaer, Head of the Development at Madaar affirmed the company’s endeavor to achieve considerable accomplishments in its projects overcoming global events to achieve the major goal by providing all means of comfort and luxury for its customers to meet their needs.
She added that the 2500 residential units in Azha Sokhna are designed with the latest environmental and sustainable engineering and construction methods, in terms of design lines and advanced engineering models that rely on the latest innovative future ideas in forming and designing the units, concluded the report.