03‏/05‏/2025

The Egyptian "City Edge" will invest 3.2 billion pounds in 2024 to develop new projects

City Edge Real Estate Development Company, the real estate arm of the Egyptian government, intends to pump investments worth 3.2 billion pounds this year into new projects and pay land installments, in exchange for investments of about one billion pounds spent in 2023, according to Mohamed El-Dahhan, CEO of the company, in an interview with “City Edge.” the East".

Al-Dahan added, during the interview that took place at the company's office on the outskirts of Cairo, that his company succeeded in selling 7 towers in the coastal city of El Alamein last period, and this year it will open the door to selling more towers to the Urban Communities Authority.

City Edge launched its first projects in February 2018. It is a company owned 74% by the Urban Communities Authority, 24% by the Housing and Development Bank, and 2% by the Holding Company for Investment and Development. It works in development activities for some Urban Communities Authority projects, in addition to developing its own lands.

Al-Dahan explained to Al-Sharq during the interview that his company expects to increase its contractual sales by about 18% during this year to reach 45 billion pounds, including 28 billion pounds from expected sales in the New Administrative Capital, 10 billion pounds expected from sales in El Alamein City, and 7 billion expected. From sales from New Mansoura City.

The Administrative Capital is located east of Cairo, in the area between the “Cairo – Suez” and “Cairo – Ain Sokhna” roads, and is 60 kilometers away from the heart of Cairo. The total area of ​​the Administrative Capital is estimated at 170 thousand acres, and its population is expected to reach 6.5 million people, providing two million job opportunities, while the estimated cost of the first phase is $45 billion, according to the Egyptian State Information Service.

The company's sales, whose paid-up capital amounts to 2.5 billion pounds, increased 111% last year to 38 billion pounds, compared to 18 billion pounds in 2022, after the company raised its prices by up to 70% during 2023, according to Al-Dahan, who confirmed that the market is currently witnessing price stability. After the liberalization of the exchange rate and the relative decline in the cost of building materials.