SKY AD plans to invest EGP 4 bn in 2 projects in Egypt by year’s end

UAE-based Diamond Group’s subsidiary Sky AD Developments will invest EGP 4 bn in two projects in Egypt by the end of the year — one in the North Coast and one in New Cairo — Sky’s chief executive Abdulrahman Agami told Reuters. The Emirati real estate company — which has pledged EGP 15 bn in investments in Egypt’s real estate sector through 2023 — is in the final stage of negotiations on the two new projects, Agami said.

Sky is already constructing an EGP 4 bn project in the new capital: Residence Eight includes a mix of residential, commercial and administrative space with deliveries scheduled to begin in 2024, according to Agami. Sky has already sold houses worth more than EGP 1 bn in the under-construction project, and plans to put its commercial and office chunk up for sale next month.