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2024 deliveries stood at 1,500 units Egypt-based private developer Wadi Degla Developments plans to deliver 1,500 residential units and generate 10 billion Egyptian pounds ($199 million) in sales in 2025, the company CEO Raymond Ahdy said on Monday. This follows a robust performance in 2024, during which the company handed over 1,500 units in its East Cairo and Ain Sokhna projects while achieving over EGP 5 billion ($100 million) in sales. Speaking at a press conference marking the company’s 20th anniversary, Ahdy highlighted that 60 percent of 2024’s sales, amounting to EGP 3 billion, were achieved in the first half of the year, accompanied by the delivery of 500 units. The company has committed EGP 2 billion in construction investments for its ongoing projects. Last year also saw the company increase its capital by 121 percent, from EGP 520 million to EGP 1.149 billion to navigate a challenging market landscape characterised by surging construction costs. This increase was a complimentary step to our strategy to secure foreign currency, covering import operations, and ensuring continued progress on our projects and capping project delays,” the CEO explained. Ahdy said the company has also adopted contingency policies, regularly adjusting spending strategies to ensure timely procurement of materials and on-schedule project completions. Last year, Wadi Degla restructured EgyConst, its construction arm, into a standalone entity to pursue new contracts and expand operations. In addition, EgyPro FME, the facilities management arm, was integrated into the group structure. EgyPro FME manages over 3.5 million square metres (sqm) of real estate, serving over 100 clients across 21 governorates. “This integration solidifies our position as the most comprehensive real estate player in the market,” said Ahdy, noting that the Egypt’s facilities management market, valued at $2.12 billion in 2023, is projected to grow to $4.05 billion by 2032. He disclosed that the company has added 60 acres to its Murano project in Ain Sokhna, with an investment exceeding EGP 5 billion, and is planning to roll out its Club Town concept that combines housing with sports and recreational facilities in Saudi Arabia with a local partner. Since its inception in 2005, Wadi Degla Developments has delivered 12,000 units, welcoming 18,000 Egyptian families into its communities. Its portfolio spans 5.5 million square meters and includes 16 projects, such as Neopolis, Blumar Sokhna, and the expanded Murano development. (1 US Dollar = 50.18 Egyptian Pounds) |
