Arab Finance: City Edge Developments, the real estate arm of the Egyptian government, is planning to invest EGP 3.2 billion this year in new projects as well as land installment payments, the firm’s CEO Mohamed Eldahan told Asharq Business.

In 2023, the real estate developer made investments worth EGP 1 billion, Eldahan added.

The company managed to sell seven towers in New Alamein City over the past period, which sets the stage for further tower sales in favor of the New Urban Communities Authority (NUCA), he said.

He also noted that the company expects an 18% year-on-year (YoY) increase in contractual sales in 2024 to reach EGP 45 billion, EGP 28 billion of which are expected in the New Administrative Capital, EGP 10 billion in New Alamein City, and EGP 7 billion in New Mansoura City.

Furthermore, Eldahan pointed out that 30% of his company’s clients are Egyptians living abroad, while 5% are foreigners and 65% are local citizens.

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