Egypt’s property developer Madaar is launching a new project in Sheikh Zayed City, at the outskirts of Cairo, the company’s CEO announced.
The project will be built on a space of 45,000 square meters, with initial investments exceeding 1.6 billion Egyptian pounds ($87.5 million), Madaar’s chief executive Gaser Bahgat told Amwal Al Ghad.
“We are expecting revenues worth more than 3 billion pounds from this project.” Bahgat said.
Madaar is currently drawing the designs for the project, which will include a shopping centre, and hotel apartments in addition to administrative and entertainment parts, he added.
“The expected revenues are initial and can be more in the future,” Bahgat stated referring to the flotation of the local currency that led to the increase in the costs of purchasing the building materials, mostly from abroad, to implement the project.
Founded in March 2015, Madaar Development is a full-service, privately held commercial and residential real estate investment and development company. Main shareholders in Madaar is Sunrise Resorts & Cruises, which holds 90 percent a stake.