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Developer is evaluating entry into the Saudi market Saudi Egyptian Developers (SED), a state-backed joint venture between Egypt’s Ministry of Housing, Utilities, and Urban Communities and Saudi Arabia’s Ministry of Finance, is planning to launch a new residential project in Sixth Settlement, according to CEO Mohamed El-Taher. Speaking to Zawya Projects, El-Taher said SED has acquired 105 acres to develop a mixed-use community comprising apartments and villas, with anticipated sales of 70 billion Egyptian pounds ($1.4 billion). The company is also evaluating entry into the Saudi market for potential investments, aligning with its regional expansion strategy. SED recently inaugurated the 256-key Hilton Cairo Nile Maadi hotel, part of its 9,600 sqm Nile Pearl mixed-use development in the Maadi district of capital city Cairo. The EGP 6 billion ($119 million) five-star hotel occupies one of the two 22-storey towers of Nile Pearl, with the second tower housing 190 residential units. The project was executed by SIAC Construction (main contractor) and EHAF Consulting Engineers (main consultant). Hill International served as project manager, with Pino Meroni handling fit-out and Siemens providing building automation. In December 2024, SED delivered the first phase of its EGP 8.7 billion ($172 million) Bleu Vert residential project in the New Administrative Capital (NAC). The 70-acre development features 1,398 residential units, including villas, twin houses, townhouses, and apartments. The first phase included 300 apartments and 104 villas. (1 US Dollar = 50.64 Egyptian Pounds) |
